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8/05/20
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A 1031 exchange investor out of Torrance purchased a 7.2k sf, multi-tenant retail building at Lake Elsinore Marketplace, a 144k sf shopping center anchored by Costco, Lowe’s, Grocery Outlet, PetSmart and Dollar Tree. The sale price was $3.77 mil, which works out to around $524/sf.
Built in 2006 on 0.77 acres, the pad building is located at 29261 Central Ave in Lake Elsinore and is 100% leased to four internet-resistant tenants – Navy Federal Credit Union, iBrows Threading Salon, Submarina and Juice It Up!.
Kevin Fryman and Bill Asher with Hanley Investment Group Real Estate Advisors represented the seller, Pacific Castle, based in Irvine. This sale represents the sixth pad building Hanley Investment Group has sold in the last nine months at Lake Elsinore Marketplace, including single-tenant properties for a Wendy's Drive-Thru, Del Taco Drive-Thru, Panda Express, Valvoline and Wells Fargo.
According to Fryman, “Over 80% of the pad building’s total square footage is occupied by national and regional tenants and has been occupied by the tenants for over eight years; 63% is occupied by the building’s original tenants since the building was built in 2006.
“Lake Elsinore Marketplace is the dominant shopping center in the trade area, ideally situated on Highway 74/Central Avenue, the main retail thoroughfare connecting Orange County to Riverside County, and is immediately adjacent to I-15 at the Central Avenue exit with freeway-visible pylon signage,” said Fryman.
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