Calexico single-tenant ALDI sells for $2.6 million
CALEXICO, Calif. — Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm has completed the sale of a single-tenant ALDI in Calexico, California.
The sale price was $2,640,000 for the triple-net absolute ground lease, representing a 5% cap rate. This transaction represents Hanley Investment Group’s 10th ALDI investment sold in the last 24 months, including the recent sale of a newly renovated single-tenant ALDI in northern Indiana near the campus of Notre Dame University.
Hanley Investment Group’s Dylan Mallory and Jeff Lefko represented the seller, a private investor based in Vero Beach, Florida. The Midwest-based buyer represented themselves in the transaction.
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Located at 2450 Rockwood Avenue in Calexico, the 18,000-square-foot ALDI grocery store sits on a 1.53-acre pad at the entrance to Walmart Supercenter, which is the first Walmart location north of the Calexico/Mexicali border crossing.
In addition to Walmart Supercenter, nearby adjacent retailers included Jack in the Box, T-Mobile, 7-Eleven, Panda Express, KFC and Subway.
With a sale price of $2.64 million for the triple-net absolute ground lease, representing a 5% cap rate, this transaction was Hanley Investment Group’s 10th ALDI investment sold in the last 24 months. Monaghan Communications Inc. photo
“We procured a total of eight offers within 30 days of marketing the property,” said Mallory. “Other national real estate brokerage firms had tried unsuccessfully to sell the property.”
“Hanley Investment Group leveraged its existing relationship with a large, publicly traded real estate investment trust in the Midwest, where Hanley Investment Group is one of the most active brokerage companies in the region,” Lefko added.
Calexico shares its southern border with Mexicali, the capital city of Baja California, which has a population in excess of one million people. ALDI is located approximately two miles north of the Mexicali/Calexico border crossing, which is the third busiest land port of entry in the state of California, and experiences nearly five million pedestrians crossing annually and an additional four million vehicles crossing annually carrying roughly than seven million passengers. In the summer of 2018, a $370 million expansion and renovation project began at the port.
“Single-tenant grocery chains, like ALDI, can serve essential needs and, in March, ALDI had reported that it had hired nearly 7,500 employees and is ‘continuing to hire more each day,’ including temporary positions in its stores and warehouses,” noted Mallory.
“ALDI has been a model tenant for how to adapt its business model to better service customers in this time of COVID-19,” said Lefko. “ALDI offers grocery delivery and pick-up services to make it easier for customers to practice social distancing.”
Lefko continues, “ALDI introduced priority shopping for emergency workers no matter when they visit. Internationally, ALDI has installed protective screens at many of their locations for both customers and employees at their checkout lanes. Additionally, ALDI has publicly recommended all customers practice contactless checkout by using Apple Pay or Android Pay. Each of these measures has helped remind prospective customers that ALDI will take innovative actions to keep customers and employees safe.
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“When investors look at tenants they want to own once we overcome COVID-19, we anticipate ALDI to become one of the most desirable in the net-lease world,” Lefko noted.
Hanley Investment Group has closed escrow on 18 separate retail sales since March 12th, the day COVID-19 was declared a pandemic.
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a retail investment advisory firm with a $6+ billion transaction track record nationwide, who works closely with individual investors, lending institutions, developers, and institutional property owners in every facet of the transaction to ensure that the highest value is achieved. For more information, visit www.hanleyinvestment.com.
Submitted by Monaghan Communications Inc.
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For more information, contact Bill Tyler at Century 21 Full Realty Service.
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Trevor Montgomery, 48, moved in 2017 to the Intermountain area of Shasta County from Riverside County and runs Riverside County News Source and Shasta County News Source. Additionally, he writes or has written for several other news organizations; including Riverside County based newspapers, Valley News, (the now defunct) Valley Chronicle, Anza Valley Outlook, and Hemet & San Jacinto Chronicle; as well as Bonsall/Fallbrook Village News in San Diego County and Mountain Echo in Shasta 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. (Click here to see segment of Discovery Channel documentary of Trevor’s 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 29 years and was a foster parent to more than 60 children over 13 years. He is now an adoptive parent and his “fluid family” includes 13 children and 16 grandchildren.