Fresh & Easy site changes ownership
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.
Block Brothers launch real estate firm
Kansas City Three principals of Block & Co. Realtors are separating their business from a related business unit to create a regional multi-dimensional firm.
Kenneth Block, Stephen Block and Michael Block have formed Block Real Estate Services, LLC, to provide commercial brokerage, asset/property management, investment services, development services and financial services in Kansas City and throughout the Midwest.
Benihana opens second Orlando location
Orlando, Fla. Japanese restaurant Benihana said it has opened a new location in Orlando, Fla., its second in the market.
The new restaurant will include a sushi bar, lounge seating, full-service bar and 22 teppanyaki tables.