Evergreen Sells Five New Retail Assets for $33M

Phoenix-based Evergreen Development Company has sold five new-construction retail buildings in transactions totaling $33 million at Eastvale Marketplace, a recently completed grocery-anchored center located at 13334-13394 Limonite Ave. in the Riverside County city of Eastvale, CA.

The five sales total approximately 57,000 square feet of space, including a single-tenant Smart & Final Extra!, two multi-tenant retail buildings and two single-tenant, fast-food pad restaurants, each with a drive-thru.

Hanley Investment Group’s Bill Asher, Jeff Lefko, and Ed Hanley represented Evergreen in the transactions.

The buyers were four separate private investors, with two buyers represented by Carosella Properties, one represented by NKF, and one completed directly with a private investor.

According to Asher, “All four buyers satisfied 1031 exchange requirements, with most purchasing each asset because of the reliable stable income stream created by internet-resistant, service-based, national and regional credit tenants on new, long-term leases.”

Connect Retail West is coming to Newport Coast, CA on Feb. 13. For more information, or to register, click here.

For comments, questions or concerns, please contact Chris Egger