Aug
22
Hanley Completes Target Shadow-Anchored Retail Sale
ByThe 22,577-square-foot shopping center in Lake Elsinore, Calif., changed hand for $11.6 million. The asset has long-term tenants and was fully occupied at the time of the transaction.
Hanley Investment Group Real Estate Advisors arranged the sale of Oak Grove Crossing, a 22,577-square-foot shopping center in Lake Elsinore, Calif. The firm represented the buyer and seller in the $11.6 million sale of the Target shadow-anchored asset.
LONG-TERM TENANTS
Located at 18283 & 18285 Collier Ave. on 2.4 acres, the property was fully occupied at the time of the sale by 81 percent national and regional credit tenants. That includes McDonald’s, Starbucks, GameStop, Pacific Dental, Papa John’s Pizza, Subway, Verizon and Yogurtland. The stand-alone McDonald’s pad is on a long-term ground lease and can be sold separately in the future, taking advantage of the historically-low caps demanded by single-tenant buyers…
