Hanley Investment Closes Inland Empire Retail Center Sale
Austin Blodget, Eric Wohl and CJ Kiehler brokered the sale of the 8,325-square-foot asset in Temecula, Calif.
Shops at Gateway to Temecula. Image courtesy of Hanley Investment Group
Hanley Investment Group has facilitated the disposition of The Shops at Gateway to Temecula, an 8,325-square-foot retail property in Temecula, Calif. A private investor purchased the multi-tenant asset from Pacific Real Estate for $7.2 million, at a 5.5 percent cap rate.
Vice President Austin Blodget, Executive Vice President Eric Wohl and Associate CJ Kiehler made up the Hanley team representing the seller, while Brian Melkesian of Lee & Associates worked on behalf of the buyer.
Built in 2018, the property is located on a 2-acre parcel at 30010 Temecula Parkway, near Interstate 15. The asset includes a free-standing Starbucks as well as a building with three tenants: Verizon, The Pizza Press and Sakura Sushi. A recently constructed LA Fitness center acts as shadow anchor for the site.
In August, Hanley brokered the sale of a 100,000-square-foot retail property in Page, Ariz. The asset changed hands for $8.5 million in a 1031 exchange.
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