Hanley Investment Group Sells 7-Eleven NNN Ground Lease in Oceanside, Calif. for $2.1 Million
Compressed Cap Rates for High Quality, Credit Worthy Investments Continue
IRVINE, CALIF. – November 17, 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 Jonathan Selznick, senior vice president at Hanley Investment Group, negotiated the sale of a NNN ground lease occupied by a single-tenant 7-Eleven at Oceanside Plaza in San Diego County. The purchase price was $2,100,000, which represented a 4.29% capitalization rate.
Currently under construction, the soon to be completed approximately 2,400-square-foot 7-Eleven convenience store building plus gas station is situated on a 25,700-square-foot lot at 2003 Mission Avenue in Oceanside. The property, which was the site of a former Union 76 gas station, is located at the signalized intersection of Mission Avenue and Canyon Drive.
Selznick represented the seller, a private investor from Agoura Hills, Calif., in the sale transaction. The buyer, a private investor from Northern California, was represented by Jay Patel of Cushman Wakefield in San Diego, Calif.
According to Selznick, the property generated multiple competitive offers and closed at list price with temporary seller-carried financing. “This sale is a testament to Hanley Investment Group’s ability to utilize our national database of investors to find the perfect buyer who was in a 1031 exchange,” says Selznick. “The creativity of structuring a sale transaction prior to construction commencing and closing prior to having a defined rent commencement date demonstrates our commitment to high-level client advisory services. Respectfully, not all brokers are able to create these types of opportunities for buyers and sellers.”
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.