Hanley Investment Closes North Los Angeles Retail Sale
- Apr 07, 2020
Hanley Investment Group has completed the $4 million sale of a triple-net, ground leased single-tenant property in Valencia, Calif. Hanley represented the seller and developer of the Circle K convenience store and gas station, Fountainhead Development.
The asset traded at a 4.1 percent rate, the lowest cap rate nationwide for a new construction Circle K priced over $1 million, according to the brokerage company. Keller Williams Realty secured the deal on behalf of the buyer. The acquisition represented a 1031 exchange for the private trust from California, according to Hanley Investment Group Executive Vice President Bill Asher.
Built in 2018, the 3,819-square-foot property is located on 1.3 acres at 24010 Copper Hill Drive, at a signalized intersection of Copper Hill Drive and Rio Norte Drive. The asset features a long-term corporate-guaranteed lease.
Keller Williams Realty’s Edan Amar and Idan Cohen acted on behalf of the buyer. The Hanley Investment Group team representing the seller included Asher and Group Executive Vice President Jeff Lefko. Last month, the duo also assisted in the $5.1 million sale of a Chase Bank building in Orange County, California.