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.