Hanley Investment Group Arranges the Sale of Costco and Lowe’s Shadow Anchored Shopping Center for $44.3 Million

Lake Elsinore, Calif. – Hanley Investment Group Real Estate Advisors, announced today that the firm has completed the sale of Lake Elsinore Marketplace, a 144,034-square-foot regional shopping center anchored by Grocery Outlet, Dollar Tree and PetSmart, and shadow-anchored by Costco and Lowe’s. The sale price was $44,262,466.

Hanley Investment Group President Ed Hanley and Executive Vice Presidents Bill Asher and Kevin Fryman represented the seller, Diamond Development of San Diego, California. The buyer was Pacific Castle, based in Irvine, California.

Built in 2005, Lake Elsinore Marketplace is located at the northeast quadrant of the signalized intersection of Central Avenue and Interstate 15 in Lake Elsinore. The 95-percent-occupied shopping center, features a strong tenant mix of internet resistant, national and regional credit tenants including Grocery Outlet, Dollar Tree, Kirkland’s, PetSmart, AT&T, Chili’s Grill & Bar, The Coffee Bean & Tea Leaf, Del Taco, Dickey’s Barbecue Pit, EZ Lube, Great Clips, Navy Federal Credit Union, Panda Express, Pacific Dental, Popeyes, Wells Fargo Bank and Wendy’s.

“Lake Elsinore Marketplace is the dominant shopping center in the trade area, ideally situated on Highway 74/Central Avenue (32,000 cars per day), the main retail thoroughfare connecting Orange County to Riverside County, and is immediately adjacent to I-15 (125,000 cars per day) at the Central Avenue exit with freeway-visible pylon signage,” said Fryman.

Asher adds, “Lake Elsinore Marketplace is situated at the best retail location in Lake Elsinore benefitting  from an excellent regional customer draw and retail synergy of notable credit tenants at Central Avenue and I-15 including Target, Walmart Supercenter (relocation store coming in 2020), Home Depot, LA Fitness, Marshalls, 99 Cents Only, ALDI, Five Below, Skechers, Ulta Beauty and Walgreens.”

”As the market transitions due to recent rising interest rates, well-located shopping centers similar to Lake Elsinore Marketplace that have grocery, discount retailers and quick service restaurant tenancy will be the most desired retail investments in the future,” said Hanley.

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.