In the two Menifee sales, Hanley reports that Lew 1st–Crenshaw Properties LLC of Glendale bought both of the properties from the center's developer, Costa Mesa-based Donahue Schriber Realty Group, for a total of nearly $5.29 million. Edward B. Hanley and William B. Asher of Hanley Investment Group negotiated two separate all-cash 1031 exchange deals totaling on behalf of the seller; the buyer was represented by James Kwon of Coldwell Banker Best Realty in Fullerton.
[IMGCAP(2)]The Wells Fargo building is at 30186 Haun Rd. in the Countryside Marketplace center and was built in 2008. It is a 5,250-square-foot, free-standing building situated on slightly more than a half acre. The Red Robin is at 30142 Haun Rd. and was also built in 2008. It is a 6,050-square-foot free-standing building situated on a 1.37-acre parcel.
Hanley says that the deals illustrate that demand for single-tenant NNN investments "continues to be extremely strong." He adds, "There is a lack of quality single-tenant NNN properties on the market right now in Southern California. When they do come to market, they are transacting quickly with all-cash buyers."
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