 |
| Bill Asher |
CORONA DEL MAR, CA –
Hanley Investment Group Real Estate Advisors, a nationally-recognized real
estate brokerage and advisory firm specializing in retail property sales, in
conjunction with Lee & Associates, announced today that the two firms
completed the sale of a single-tenant Sonic Drive-in located at 9505 Magnolia
Avenue in Riverside, Calif.
The sale price of
$2,555,000 represented a cap rate of 4.70%, a record low for a single-tenant
Sonic Drive-In restaurant nationwide.
Hanley Investment Group
Executive Vice President Bill Asher,
along with Lee & Associates Senior Vice Presidents Jon Friesen and Jeff Stanley,
represented the seller, Evergreen – Magnolia & Van Buren NWC, L.L.C. (an
entity of Evergreen Devco, Inc. in Glendale, Calif).
The buyer, a private
investor from Los Angeles, was represented by Paul Bahk of Realtex Properties, Inc. in Los Angeles.
 |
| Laura Ortiz |
Built in 2015, the 3,275-square-foot Sonic Drive-in is situated on a .50-acre parcel at the signalized intersection of Magnolia Avenue and Van Buren Avenue, one of the highest trafficked intersections in Riverside with average daily traffic counts of 75,000 cars per day.
Additionally, the building was the winner of the Beautification Award for 2015
by the city of Riverside.
“The investment featured
an outstanding combination of characteristics that led to a record sales
price,” said Asher.
“It was leased to the largest Sonic franchisee in southern
California, boasted a new long-term absolute triple-net lease with rental
increases every five years and was in an ‘A+’ location in Riverside – a market
with over 255,000 people within a five-mile radius.”
“Since opening in November
2015, this particular Sonic Drive-in location was trending to be one of the top
performing Sonics in the chain for the franchisee and a top performer
nationwide,” said Friesen. “It was an attractive selling point that played a
role in obtaining a record low cap rate sale.”
 |
| Jon Friesen |
According to Asher, “Investor demand for a high performing, well-located single-tenant triple-net leased property is still very strong in today’s market.
"Buyers continue to pay
premiums for these types of properties seeking long-term cash flow, with
relatively low risk and little to no maintenance.
"As investors continue to look
for security, we expect that the demand for high quality retail assets will
remain strong through 2016.”
Evergreen was founded in
Phoenix in 1974 and is a fully-diversified retail and multi-family development
company. Managing partners Bruce Pomeroy, Andrew Skipper and Laura
Ortiz oversee the company, which has earned a reputation as an industry
leader by delivering high-quality real estate developments.
Evergreen works throughout the nation, and has
offices in Arizona, California and Colorado. The Evergreen team is committed to
partnership, value and creative problem-solving, making it one of the most
respected real estate companies in the West.
For a complete copy of the company’s news release,
please contact:
Anne Monaghan
MONAGHAN COMMUNICATIONS,
INC.
830.997.0963
No comments:
Post a Comment