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Hanley Investment Group
Edward Hanley
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Hanley Investment Group Sells Brand New Single-Tenant Walgreens in Lake Elsinore, Calif. for $8 Million |
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William B. Asher and Jeremy S. McChesney of Hanley Investment Group Real Estate Advisors represented the buyer and seller in the sale of a single-tenant Walgreens in Lake Elsinore, Calif. The purchase price was $8,086,409. Located at 31781 Mission Trail Road in Lake Elsinore, the 13,678-square-foot freestanding building (including a drive-thru) is situated on a 1.57-acre parcel of land. |
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\25 Press Releases\
December 12, 2011 - Hanley Investment Group Real Estate Advisors, one of the most dominant retail investment groups in the western United States and a market leader in the sale of retail properties, announced today that William B. Asher and Jeremy S. McChesney represented the buyer and seller in the sale of a single-tenant Walgreens in Lake Elsinore, Calif. The purchase price was $8,086,409.
Located at 31781 Mission Trail Road in Lake Elsinore, the 13,678-square-foot freestanding building (including a drive-thru) is situated on a 1.57-acre parcel of land. The building, which is leased to Walgreens for a 75-year lease term, was built in 2011.
"At a 6.48% cap rate, the sale represents the lowest cap rate for a single-tenant drug store in the Inland Empire in 2011," said William B. Asher, managing director at Hanley Investment Group. "It was an attractive single-tenant drugstore investment as the lease included rental increases throughout the term; something you rarely find in a typical Walgreens lease."
"We were able to facilitate a unique sale that included the purchase of...
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