Hanley Investment Group Real Estate Advisors, a real estate brokerage firm specializing in retail property sales, said last week the firm arranged the sale of a two-tenant retail property occupied by a brand-new single-tenant Jack in the Box with a drive-thru and a Verizon cell tower, camouflaged as a pine tree, at 1115 W. La Cadena Drive in Riverside, CA. The buyer, a private investor from Los Angeles, was represented by Allen Park of Packo Investments.
“It was a challenge to get a buyer comfortable with the purchase of the Verizon Cell tower along with the Jack in the Box in the four percent cap rate range,” said Senior Associate Austin Blodgett. “Verizon Wireless is on a corporate lease and recently completed multiple renovations to the cell tower showing their long-term commitment to the site, which is ultimately what got this buyer comfortable to move forward,” he said.
July 8, 2019