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December 5, 2023
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OC Investor Completes $2.6 Mil Exchange into a SoCal NNN-Leased Chiliís Property


A 6.3k sf, single-tenant Chiliís Grill & Bar in Lake Elsinore sold for $2.6 mil, or $413/sf. The property is part of Lake Elsinore Marketplace, a 144k sf shopping center anchored by Costco, Loweís, Grocery Outlet, PetSmart and Dollar Tree.

Built in 2005 on a one-acre parcel at 29233 Central Ave, just east of I-15, and renovated in 2019, the building is occupied by Chiliís on an absolute NNN-lease guaranteed by parent company Brinker International Inc, one of the world's leading casual dining restaurant companies.

Chiliís has had a 15-year operating history at Lake Elsinore Marketplace and is an original tenant at the shopping center. The tenant recently exercised its five-year option early in 2020 and conducted an exterior remodel in 2019, showing its continued commitment to the site.

Kevin Fryman and Bill Asher with Hanley Investment Group Real Estate Advisors represented the seller, Pacific Castle, out of Irvine. The all-cash, 1031 exchange buyer, an OC-based private investor, was repped by Dhanesh Solanki of KW Commercial in Brea. The deal closed at a 5.00% cap rate.

This sale represents the ninth pad building Hanley Investment Group has sold at Lake Elsinore Marketplace including single-tenant net lease drive-thru properties for a Starbucks, Popeyes, Wendy's, Del Taco and Panda Express plus a single-tenant Valvoline and Wells Fargo, and a multi-tenant pad building occupied by Navy Federal Credit Union, iBrows Threading Salon, Submarina and Juice It Up!

ďA break-up strategy that targets private, non-institutional investors in order to appeal to the largest buyer pool continues to be an effective way to maximize value at a community shopping center that has multiple parcels, particularly single-tenant pads and small multi-tenant pad buildings,Ē said Asher.

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