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Shadow-Anchored Target Shopping Center Trades for $11.6M
Oak Grove Crossing, a 22,577-square-foot shopping center shadow-anchored by Target in Lake Elsinore, CA was acquired for $11.56 million. The property is located at 18283 and 18285 Collier Ave.
Hanley Investment Group Real Estate Advisors’ Jeff Lefko and Bill Asher represented the buyer, an Orange, CA-based family trust. The seller, a private investment partnership based in Murrieta, CA, was represented by Hanley’s Kevin Fryman.
The property, which was built in 2006, is located on 2.36 acres and was 100% occupied, with national and regional credit tenants occupying 81% of the space.
Fryman says, “Approximately 77% of the tenants have been located at the center since it was built in 2006. Since 2012, all of the shop tenants have signed a new lease or extended their lease. The sale also included a stand-alone McDonald’s pad on a long-term ground lease.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition




