PERRIS: Hanley Investment Group completes nearly $30 million sale of 6 retail pads at Perris Marketplace
PERRIS — Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced last Wednesday that the firm has completed the sale of six retail pads in separate transactions at Perris Marketplace, a 225,000-square-foot Walmart Supercenter-anchored shopping center in the City of Perris.
The 100-percent-occupied properties totaling approximately 39,000 square feet consisted of three multi-tenant pad buildings and three single-tenant fast-food pad restaurants. The combined sales price for the six pads was approximately $29.5 million.
Hanley Investment Group Executive Vice President Bill Asher and Senior Associate Jeff Lefko represented the seller, owner and developers Evergreen and Trachman Indevco, in the sale of the six retail pads.
Spanning the last 42 years, Evergreen is a national retail and multi-family development company with heavy emphasis on developing projects in California, Colorado, Arizona, and Utah. Trachman Indevco is a real estate investment and development company that specializes in new ground-up retail development and retail development/repositioning opportunities in southern and central California.
“On behalf of the partnership we are extremely happy with the professionalism, strategic execution and outstanding results that Bill Asher and Hanley Investment Group exhibited throughout the sales of multiple transactions of both single-tenant and multi-tenant assets,” said Andy Trachman, president of Trachman Indevco.
Perris Marketplace is located at 1820-2000 North Perris Boulevard in Perris, less than ¼ mile from the heavily traveled I-215 freeway. The center was originally planned to include two multi-tenant shop buildings but, due to the high demand, a third approximate 12,500-square-foot shop building was added to accommodate tenant interest.
impressive line-up of retailers features a variety of popular food and service tenants including America’s Best Contacts and Eyeglasses, Chipotle, Dickey’s BBQ, Great Clips, Jamba Juice, Jimmy John’s, Pacific Dental, Panda Express, Pieology, Popeye’s, Sally Beauty, Starbucks, T-Mobile, Verizon Wireless, Waba Grill, Wendy’s and Yogurtland.
“Investors and the eventual buyers were very attracted to the overall strength of the location and the history of Walmart being established in the area since 1992,” said Asher. “The original Walmart in Perris was the first to open in all of Riverside County. The relocation to the subject site to build a new Supercenter format store in 2015 showed Walmart’s long-term commitment to the region and was a key driver to investors’ interest in each pad within the project.”
“We were able to maximize value for the owner through individual sales to private non-institutional investors in a price range ($2-$10 million) that in today’s market appeals to arguably the largest buyer pool in the retail investment industry. Four of the six buyers satisfied 1031 exchange requirements with most purchasing each asset because of the reliable stable income stream created by Internet-resistant, service-based, national and regional credit tenants on new long-term leases,” Asher said.
“In addition to executing a break-up sale strategy, with interest rates rising and the overall retail market continuing to transition in regard to pricing, we implemented a pre-sale marketing process on multiple buildings prior to completion of construction to help the seller retain maximum value for the development. For multiple transactions, we were able to procure buyers for each asset prior to each building being completed, and structure closings after tenants had finished their build-outs and opened for business,” said Asher.
“Perris Marketplace is one of the best positioned and highest profile new regional retail sites in Riverside County. The combination of the quality of location, draw of Walmart and brand-new construction, were all factors that generated a significant amount of interest in each retail pad,” Asher said.
“Newly-built single-tenant NNN retail investments and multi-tenant retail leased to food and service-based credit tenants, will continue to be highly sought-after in today’s market,” said Asher. “We continue to experience steady demand and values have yet to significantly decline of this size and type over the past four years. Properties priced $10 million or less will remain the most active.”
Contact the editor: email@example.com
Trevor Montgomery, 46, recently moved to Shasta County from Riverside County and runs Riverside County News Source and Shasta County News Source. Additionally, he writes for Riverside County based newspapers Valley News, The Valley Chronicle and Anza Valley Outlook as well as Bonsall/Fallbrook Village News in San Diego County.
Trevor spent 10 years in the U.S. Army as an Orthopedic Specialist before joining the Riverside County Sheriff’s Department in 1998. He was medically retired after losing his leg, breaking his back and suffering both spinal cord and brain injuries in an off-duty accident.
During his time with the sheriff’s department, Trevor worked at several different stations, including Robert Presley Detention Center, Southwest Station in Temecula, Hemet/Valle Vista Station, Ben Clark Public Safety Training Center and Lake Elsinore Station, along with other locations.
Trevor’s assignments included Corrections, Patrol, DUI Enforcement, Boat and Personal Water-Craft based Lake Patrol, Off-Road Vehicle Enforcement, Problem Oriented Policing Team and Personnel/Background Investigations. He finished his career while working as a Sex Crimes and Child Abuse Investigator and was a court-designated expert in child abuse and child sex-related crimes.
Trevor has been married for more than 27 years and was a foster parent to more than 60 children over 13 years. He is now an adoptive parent and has 13 children and 14 grandchildren.