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| Perris Marketplace, Perris, CA |
PERRIS, CA - Hanley Investment Group Real Estate Advisors, a
nationally-recognized real estate brokerage and advisory firm specializing in
retail property sales, announced the firm has completed the sale of six retail
pads in separate transactions at Perris Marketplace, a
225,000-square-foot Walmart Supercenter-anchored shopping center in the City of
Perris, California.
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| Bill Asher |
The
100-percent-occupied properties totaling approximately 39,000 square feet
consisted of three multi-tenant pad buildings and three single-tenant fast-food
pad restaurants. The combined sales price for the six pads was approximately
$29.5 million.
Hanley Investment Group Executive Vice President Bill Asher and Senior Associate Jeff Lefko represented the seller, owner and developers Evergreen and Trachman Indevco, in the sale of the six retail pads.
Spanning the last 42 years, Evergreen is a
national retail and multi-family development company with heavy emphasis on
developing projects in California, Colorado, Arizona, and Utah. Trachman
Indevco is a real estate investment and development company that specializes in
new ground-up retail development and retail development/repositioning
opportunities in southern and central California.
“On
behalf of the partnership we are extremely happy with the professionalism,
strategic execution and outstanding results that Bill Asher and Hanley
Investment Group exhibited throughout the sales of multiple transactions of
both single-tenant and multi-tenant assets,” said Andy Trachman,
president of Trachman Indevco.
Perris Marketplace is located at 1820-2000 North Perris Boulevard in Perris, less than ¼ mile from the heavily traveled I-215 freeway. The center was originally planned to include two multi-tenant shop buildings but, due to the high demand, a third approximate 12,500-square-foot shop building was added to accommodate tenant interest.
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| Jeff Lefco |
“Investors
and the eventual buyers were very attracted to the overall strength of the
location and the history of Walmart being established in the area since 1992,”
said Asher.
“The original Walmart
in Perris was the first to open in all of Riverside County. The relocation to
the subject site to build a new Supercenter format store in 2015 showed
Walmart’s long-term commitment to the region and was a key driver to investors’
interest in each pad within the project.”
“We were able to maximize value for the owner through individual sales to private non-institutional investors in a price range ($2-$10 million) that in today’s market appeals to arguably the largest buyer pool in the retail investment industry.
“We were able to maximize value for the owner through individual sales to private non-institutional investors in a price range ($2-$10 million) that in today’s market appeals to arguably the largest buyer pool in the retail investment industry.
"Four of the six
buyers satisfied 1031 exchange requirements with most purchasing each asset
because of the reliable stable income stream created by internet- resistant,
service-based, national and regional credit tenants on new long-term leases,”
Asher said.
“In
addition to executing a break-up sale strategy, with interest rates rising and
the overall retail market continuing to transition in regard to pricing, we
implemented a pre-sale marketing process on multiple buildings prior to
completion of construction to help the seller retain maximum value for the
development.
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| Andy Trachman |
“Perris
Marketplace is one of the best positioned and highest profile new regional
retail sites in Riverside County. The combination of the quality of location,
draw of Walmart and brand-new construction, were all factors that generated a
significant amount of interest in each retail pad,” Asher said.
“Newly-built
single-tenant NNN retail investments and multi-tenant retail leased to food and
service-based credit tenants, will continue to be highly sought-after in
today’s market,” said Asher. “We continue to experience steady demand and
values have yet to significantly decline of this size and type over the past
four years. Properties priced $10 million or less will remain the most active.”
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