Hanley Investment Group Sells Single-Tenant Panera Bread in Temecula, Calif. for $2.7 Million
6.43% Cap Rate; Landmark $560 PSF
IRVINE, CA – June 11, 2012 – (RealEstateRama) — Hanley Investment Group Real Estate Advisors, one of the most dominant retail investment groups in the western United States and a market leader in the sale of retail properties, announced today that Patrick G. Kent represented the buyer and seller in the sale of a single-tenant Panera Bread in Temecula, Calif. The purchase price was $2,715,000, representing a 6.43% capitalization rate and $560 per square foot.
Located at 41798 Nicole Lane in Temecula, the 4,850-square-foot freestanding building is situated on a 1.49-acre parcel of land. The building was built in 2010. Panera Bread is situated immediately adjacent to the 1.14-million-square-foot Promenade Regional Mall featuring tenants such as Macy’s, JC Penney, Sears, Costco and Forever 21.
“The quality of the location combined with a corporate guaranteed lease attracted a great deal of interest and multiple offers,” said Kent. “The single-tenant net leased category continues to remain hot and the sale of this asset is another price example. The $560 price per square foot represents of the one of the highest for a single-tenant investment in the trade area in the last 12 months.”
Kent adds, “We procured a very qualified buyer through Hanley Investment Group’s strategic marketing that closed in 30 days, all cash.”
The buyer was a private investor from Encino, Calif. The seller was Creekside Retail Investors, LLC from Honolulu, Hawaii.
About Hanley Investment Group Real Estate Advisors
Built on a solid foundation of performance, integrity and dedication, Hanley Investment Group Real Estate Advisors is a boutique retail investment brokerage firm with a three billion dollar transaction track record that is comprised of innovative specialists delivering unparalleled service and superior results that consistently exceed client expectations. Hanley Investment Group’s expertise, commitment and unwavering focus of putting the client’s needs first have continued to set the company apart in the industry. Hanley Investment Group works closely with individual investors, developers, and institutional property owners in every facet of the transaction to insure that the highest value is achieved. Clients rely on Hanley Investment Group to be the most knowledgeable and trusted source for valuation services, market information and retail property acquisitions and dispositions. For more information, visit the Company’s website at www.hanleyinvestment.com or call (949) 585-7610.
