Irvine, Calif. Hanley Investment Group Real Estate Advisors said Tuesday that it represented the seller in the sale of the fee-simple ownership in the land leased to Fresh & Easy Neighborhood Market in Riverside, Calif. The purchase price was $2,475,000.
Fresh & Easy Neighborhood Market is anchored by Kohl’s; Fresh & Easy occupies a 14,500-sq.-ft. freestanding building on a 1.41-acre parcel.
“The buyer pool for single-tenant retail investments remains strong,” said Edward B. Hanley, president of Hanley Investment Group. “There is still a substantial amount of capital in today’s market looking for secure and stable, single-tenant investments with long-term leases and minimal management responsibilities. This Fresh & Easy sale is a prime example.”
The buyer, who fulfilled a 1031 exchange requirement with the purchase, was Third Street Plaza LLC from Long Beach, Calif., represented by Maverick Investments in Long Beach, Calif. The seller was HEC - Orangecrest LLC from Newport Beach, Calif.