Hanley Investment Group Real Estate Advisora nationally recognized real estate brokerage and advisory firm specializing in the sale of retail properties, today announced that the Company has arranged the sale of a recently constructed, three-tenant, net lease investment that is being developed through a Chipotle Mexican Grill with a drive-thru “Chipotlane” in Riverside, California. The property is located directly on the on- and off-ramps of Interstate 215 (154,680 cars per day). Next to Interstate 215 is the March Air Reserve Base, a 2,075-acre facility with over 8,000 employees and 1,750 civilians.
Executive Vice President of Hanley Investment Group Eric Probably and Associate CJ Kiehler represented the seller and developer, Greens Development Inc. of Irvine, Calif. The buyer, a Los Angeles-based 1031 exchange investor, was represented by Justin Altemus of The Altemus Company in Los Angeles. The sale price was $5.84 million.
“As part of this off-market transaction, we were able to successfully find a buyer for a 1031 exchange that needed to close quickly and ultimately closed escrow while BHC Chicken, one of the building’s tenants, was still in the process of completing the build-out,” Wohl noted.
Completed in 2020, the 63,000-square-foot, Chipotle-anchored building sits on a 0.90-acre site at 22430 Van Buren Boulevard in Riverside. The three-tenant building also includes MA Dental and BHC Chicken, which is expected to open in October.
The pad building is part of Veteran’s Plaza, a shopping center and hotel complex developed by Greens Development Inc. It includes In-N-Out, a four-tenant pad building with Starbucks as the anchor tenant, Hampton Inn + Home2 Suites, a Circle K supermarket with a 76 gas station and other outlets that encourage crossover shopping.
The Chipotle-operated pad building is located between Hampton Inn + Home2 Suites and In-N-Out near the traffic light intersection of Van Buren and Opportunity Road (over 40,000 cars per day). Traffic on Van Buren Boulevard is expected to increase to 72,000 cars per day. The interchange between Interstate 215 and Van Buren was completely rebuilt at a cost of over $32 million. The site also benefits from excellent highway signage along Interstate 215.
Veteran’s Plaza is located in Meridian Business Park, a 1,290-acre master-planned retail and distribution center with 16 million square feet of planned building space that is expected to create up to 18,000 jobs. Current tenants include Amazon, UPS, Sysco, Kaiser Permanente, Kia Automotive, McLane Foods and others.
There are over 232,000 residents within five miles of the property, with a median household income of over $91,000. The daytime population exceeds 189,000 residents, providing an additional consumer base. Lake Perris, an 8,800-acre state recreation area, is just two exits south of Interstate 215 and is known for its boating, hiking, fishing, swimming, picnicking, rock climbing, horseback riding and camping opportunities.
In May 2023, Hanley Investment Group arranged the sale of the property at Veterans Plaza, which features a Starbucks drive-thru, for the same seller.
“Given the current volatile market and economic conditions, investors are looking for safe investments in robust markets to protect and grow their equity,” Wohl noted. “This Chipotle-operated property, located adjacent to a Starbucks-operated multi-tenant retail building and In-N-Out, is an example of the type of product that is attracting many investors in the current market environment.”
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory firm with a transaction history of over $11 billion specializing in the sale of retail properties nationwide. Our expertise, proven track record and unwavering commitment to putting our clients’ needs first sets us apart in the industry. Hanley Investment Group creates value by delivering exceptional results using property-specific marketing strategies, cutting-edge technology and local market knowledge. Our nationwide relationships with investors, developers, institutions, franchisees, brokers and 1031 exchange buyers are unparalleled in the industry and result in maximum exposure and pricing for each property. With unmatched service, Hanley Investment Group has redefined the retail real estate sales experience. For more information, visit www.hanleyinvestment.com.
