Hanley Investment Closes Inland Empire Retail Center Sale
- Nov 10, 2020
Hanley Investment Group has facilitated the disposition of The Shops at Gateway to Temecula, an 8,325-square-foot retail property in Temecula, Calif. A private investor purchased the multi-tenant asset from Pacific Real Estate for $7.2 million, at a 5.5 percent cap rate.
Vice President Austin Blodget, Executive Vice President Eric Wohl and Associate CJ Kiehler made up the Hanley team representing the seller, while Brian Melkesian of Lee & Associates worked on behalf of the buyer.
Built in 2018, the property is located on a 2-acre parcel at 30010 Temecula Parkway, near Interstate 15. The asset includes a free-standing Starbucks as well as a building with three tenants: Verizon, The Pizza Press and Sakura Sushi. A recently constructed LA Fitness center acts as shadow anchor for the site.
In August, Hanley brokered the sale of a 100,000-square-foot retail property in Page, Ariz. The asset changed hands for $8.5 million in a 1031 exchange.