Hanley Brown Group Represents Seller in the $1.55 Million Sale of Wendy’s Restaurant in Riverside, CA
February 15, 2006 (PRLEAP.COM) Business NewsIRVINE, CA – Hanley Brown Group Real Estate Advisors, one of the most dominant retail investment groups in Southern California and a market leader in the exclusive representation of owners in the sale of retail shopping centers, announced today Edward Hanley of Hanley Brown Group represented the seller in the sale of a Wendy’s fast-food restaurant ground lease in Riverside, California. The 3,200-square-foot single-tenant drive-thru sold for $1,550,000 at a cap rate of 4.84%.
Situated on a .72-acre parcel of land, Wendy’s restaurant is located at 8745 Trautwein Road at the signalized entrance to Orangecrest Towne Center at the southwest corner of Trautwein Road and Bountiful Avenue.
The restaurant, which opened in 2005, is co-tenants with Kohl’s, Walgreens, Washington Mutual, Carl’s Jr., Pizza Hut and Chevron and is ideally situated within the master-planned community of Orangecrest.
The buyer, a private investor from Kapaa, Hawaii, was represented by Bob King of Grubb & Ellis in Sacramento. The seller was HEC - Orangecrest, LLC, one of the Howser Ewing Companies, based in Newport Beach, Calif.
“The market for single-tenant NNN assets of this type is still very much in high demand,” says Hanley. “With an average household income in excess of $95,000 within a one-mile radius, and a newly constructed property, the buyer acquired a quality single-tenant NNN investment with no management responsibility,” says Hanley.
About Hanley Brown Group Real Estate Advisors
Hanley Brown Group Real Estate Advisors is one of the most dominant retail investment groups in Southern California and a market leader in the exclusive representation of owners in the sale of retail shopping centers. Based in Irvine, California, Hanley Brown Group is led by long-time industry veterans Edward B. Hanley and Gregory S. Brown, both designated CCIMs. As specialists in the sale of retail properties, Hanley Brown Group has earned a lasting reputation for its successful track record, investment expertise, dedication and integrity. For more information, visit the Company’s website at www.hanleybrown.com or call (949) 585-7610.
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