Hanley Investment Group Real Estate Advisors recently completed the sale of a single-tenant net-leased retail property occupied by Smart & Final Extra! located in southwestern Riverside County in Murrieta, CA. The sale price was $8.5 million, representing a cap rate of 4.68 percent, a record-low cap rate for a U.S. single-tenant Smart & Final.
Hanley Investment Group’s Bill Asher and Jeff Lefko represented the seller, a private partnership based in San Diego. The buyer, Anza Drive Properties LLC based in Los Angeles County, was represented by Kris Hons of Stevenson Real Estate Services in Glendale, CA.
“We generated 10 competitive and qualified offers in the first two weeks of marketing, showing the unprecedented demand for essential daily needs single-tenant grocery investments,” said Asher. “We secured an all-cash 1031 exchange buyer based in Southern California and negotiated a short due diligence period and year-end closing to achieve the seller’s objectives. We closed at 99 percent of the asking price and achieved a record-low cap rate for a single-tenant Smart & Final nationwide.”