IRVINE, CALIF. – November 14, 2014 – (RealEstateRama) — Hanley Investment Group Real Estate Advisors, one of the most dominant retail investment groups in the United States and a market leader in the sale of retail properties, announced today that Edward B. Hanley, Kevin T. Fryman and Eric P. Wohl represented the seller in the sale of a single-tenant Walgreens in Long Beach, Calif. The purchase price was $6.45 million, representing a cap rate of 5.41%.
Built in 2001, the 15,200-square-foot freestanding building (including a 24-hour drive-thru) is situated on a 1.86-acre parcel of land at 2627 Pacific Avenue in Long Beach. Walgreens has less than 10 years remaining on the initial term. Located at Pacific Avenue and Willow Street, two miles from Downtown Long Beach, this is the closest Walgreens to Long Beach Memorial Medical Center.
The seller, which was represented by Hanley, Fryman and Wohl, was a private investor from Huntington Beach, Calif. The buyer, a private investor from West Covina, Calif., was represented by Nick Peukpiboon and Lara Rudolph of Daum Commercial Real Estate Services of City of Industry, Calif. and Adam Friedlander of Marcus & Millichap of Long Beach.
According to Fryman, “Walgreens in Long Beach sold above list price for a double net lease with less than 10 years remaining on the initial term. The buyer was in a 1031 exchange and did an all-cash close without financing.”
“This transaction is another great example of the high demand for well-located single-tenant investments, specifically for credit retailers like Walgreens with investment grade ranking of BBB from Standards & Poor’s,” said Wohl.
About Hanley Investment Group Real Estate Advisors
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 $4+ billion 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 clients’ 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 ensure that the highest value is achieved. Clients rely on Hanley Investment Group to be the most knowledgeable and trusted source for valuation services, market information and retail property acquisitions and dispositions. For more information, visit the Company’s website at www.hanleyinvestment.com or call (949) 585-7610.