IE Business Daily Business news for the Inland Empire.
A multi-tenant retail building in Lake Elsinore has been sold.
The 144,034 square-foot structure at Lake Elsinore Marketplace – anchored by Costco, Lowe’s, Grocery Outlet, PetSmart, and Dollar Tree – sold for $3.7 million, according to a statement.
Hanley Investment Group Real Estate Advisors, which buys and sells retail properties, represented the seller, Irvine-based Pacific Castle. The buyer was a private investor from Torrance whose name was not released
The 14-year-old building sits on less than an acre at 29261 Central Ave. and is fully leased. Navy Federal Credit Union, iBrows Threading Salon, Submarina, and Juice It Up!.
This sale is the sixth building Hanley Investment Group has sold in the last nine months at Lake Elsinore Marketplace. Other transactions included a Wendy’s Drive-Thru, Del Taco Drive-Thru, Panda Express, Valvoline, and Wells Fargo.
Hanley Investment Group has sold $75 million worth of retail properties in the Inland Empire in the last six months, according to the statement.
