EASTVALE, Calif. – RealEstateRama – 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 five new-construction retail buildings to four different buyers at Eastvale Marketplace, a grocery-anchored shopping center in the City of Eastvale, California. The five sales totaling approximately 57,000 square feet consisted of a single-tenant Smart & Final Extra!, two multi-tenant retail buildings and two single-tenant, fast-food pad restaurants each with a drive-thru. The combined sales price was approximately $33 million.
Hanley Investment Group Executive Vice Presidents Bill Asher and Jeff Lefko, along with Ed Hanley, represented the seller, owner and developers Evergreen, in the sale of the five properties. Spanning the last 42 years, Evergreen is a national retail and multi-family development company with a heavy emphasis on developing projects in California, Colorado, Arizona, and Utah.
The buyers were four separate private investors. A private investor from Roseville, California, who purchased both the single-tenant Smart & Final Extra! and the 8,762-square-foot, multi-tenant shop building, was represented by Tom Carosella of Carosella Properties, Inc. in Bakersfield, California. Gershman Properties, represented by David Lachoff at Newmark Knight Frank, acquired the 12,000-square foot multi-tenant pad building. The El Pollo Loco and Miguel’s Jr. were acquired by two different private investors in separate transactions.
Eastvale Marketplace is located at 13334-13394 Limonite Avenue in Eastvale, 1.5 miles from the heavily traveled Interstate 15 freeway with 151,000 cars per day and close proximity to the US 60 Freeway with 218,000 cars per day. The new center was originally planned to include one multi-tenant shop building but, due to the high demand, a pad building was added to accommodate tenant interest, according to Asher.
The impressive line-up of retailers at Eastvale Marketplace, in addition to its anchor tenant, Smart & Final Extra!, includes a variety of food and service tenants including Burgerim, CareMore Pharmacy, Creamistry, EcoCleaners, El Pollo Loco, Mathnasium, Mes Amies Nail & Beauty Spa, Miguel’s Jr., Pacific Dental Services, Pieology, Poke Delight, Ten Ren’s Tea Time and TotalCare Walk-In Clinic.
“We were able to maximize value for the owner through individual sales to private, non-institutional investors in a variety of price ranges ($2.6 to $12 million) in order to appeal to the largest buyer pool in the retail investment industry. All four 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.
“We get involved early on in the development process and start advising our clients from the initial underwriting of a project (sometimes 24 to 36 months before a project is ready for sale) and provide ongoing updates so that our clients are aware of any market changes and can fine-tune their exit strategy. We typically implement a pre-sale marketing process on multiple buildings prior to the completion of construction to help the seller retain maximum value for the development. For multiple transactions, we are able to procure buyers for each asset often prior to buildings being completed, and structure the closings even before the tenants have finished their buildout and open for business,” said Asher.
Regional and national retail tenants in the immediate area include Costco, Target, Walmart Supercenter, 24 Hour Fitness, 99¢ Only, Albertsons, Best Buy, BevMo!, Edwards Theatres, Home Depot, HomeGoods, Kohl’s, Lowe’s, Michaels, Party City, Petco, PetSmart, Ralphs, Ross Dress For Less, Staples, Stater Bros., T.J.Maxx, ULTA Beauty, Vons and Walgreens.
Eastvale Marketplace is one of the best positioned and highest-profile, new neighborhood shopping centers in Northwest Riverside County. Eastvale Marketplace is centrally located between a dense industrial hub (8.2 million square feet with a vacancy rate below 0.5%) and numerous residential developments (currently 23,207 households in a three-mile radius), accommodating the local community and daytime population of over 176,000 within a five-mile radius.
Since 2000, there has been a 313% increase in population and a 284% increase in households in a three-mile radius. Eastvale citywide population is projected to grow over 34% by 2022 and future job growth is projected to increase 42% over the next 10 years.
The City of Eastvale has been ranked as one of the fastest-growing cities in Riverside County and has one of the highest household incomes in the state at $120,000. The city has been ranked #5 “Best Places to Raise a Family in California,” #17 “Best Places to Live in the U.S.,” and the 6th safest city in California for communities with populations over 50,000.
About Evergreen
Founded in 1974, Evergreen has offices in Los Angeles, Phoenix, Denver and Salt Lake City. Evergreen is a fully diversified real estate company with deep experience in retail, commercial and multi-family development, asset management, property management and leasing. Evergreen has completed more than 500 development projects across the United States in more than 175 municipalities. For further information, visit www.evgre.com.
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.
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