Hanley Investment Completes $33M Inland Empire Retail Sale
- Feb 12, 2020
Hanley Investment Group has arranged the sale of five retail buildings at Eastvale Marketplace, a grocery-anchored shopping center in the Inland Empire. President Ed Hanley, along with Executive Vice Presidents Bill Asher and Jeff Lefko, represented seller Evergreen in the $33 million transaction. In January, the same team assisted in the $10 million disposition of a single-tenant, net-leased retail property in Spokane, Wash.
The properties, located 2 miles west of Interstate 15 at 13334-13394 Limonite Ave. in Eastvale, Calif., total approximately 57,000 square feet and include a Smart & Final Extra! grocery store, two multi-tenant structures and two fast-food restaurants. The buyers—four separate private investors—acquired the buildings through 1031 exchanges.
Tom Carosella of Carosella Properties represented the buyer of the Smart & Final Extra! and an 8,762-square-foot multi-tenant building, while NKF’s David Lachoff assisted Gershman Properties in its acquisition of the other, 12,000-square-foot multi-tenant building. The restaurants changed hands in two separate transactions.