Hanley Investment Group Completes Sale of Rare Single-Tenant Enterprise Rent-A-Car in Redlands at 5.5% Cap Rate

CORONA DEL MAR, CALIF. – (RealEstateRama) — Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that Senior Vice President Jeremy McChesney completed the sale of a rare single-tenant absolute net-leased Enterprise Rent-A-Car property in Redlands, Calif. The purchase price was $1,520,000, which represented a cap rate of 5.55% and $626 per square foot.

McChesney represented the seller, Equitas Investments, based in Hermosa Beach, California. The buyer, was a private investor based in Alhambra, CA and was represented by Hai Luong of Maxwell Realty Inc.

The 2,324-square-foot single-tenant building was built in 1984 on .70 acres at the signalized hard-corner intersection at the northwest corner of Industrial Park Avenue and Colton Avenue, just off California Highway 10. The building, which is located at 1325 Industrial Park Avenue, is a former Long John Silver’s restaurant that is currently being converted into an Enterprise-Rent-A-Car. Enterprise Rent-A-Car signed a 10-year corporate-backed absolute triple-net lease with two five-year options with annual CPI Increases. The tenant is responsible for property taxes, insurance, common area maintenance, repairs and maintenance, roof and structure.

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Hanley Investment Group

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.

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Phone: (949) 585-7610

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