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Hanley Completes Retail Pad Deals in Palm Desert
Hanley Investment Group Real Estate Advisors completed the sales of three new construction retail pad properties at the newly developed Monterey Crossing shopping center at the Interstate 10 and Monterey Avenue interchange in Palm Desert, to three separate buyers at record-low cap rates.
EVPs Bill Asher and Jeff Lefko represented the developer and seller, Fountainhead Development of Newport Beach, in all three transactions. The combined value of these three sales was more than $15.7 million and included two single-tenant ground leased pads to Chick-fil-A (Drive-Thru) and Quick Quack Car Wash along with a two-tenant pad building occupied by AT&T and Spectrum.
Largest of the three sales was the Chick-fil-A at 3070 Dinah Shore Dr. The 4,738-square-foot Chick-fil-A building with a double-lane drive-thru is scheduled to open in the first half of 2022. The sale price was $7,246,000 for the absolute triple-net ground lease, representing a record-low cap rate of 3.45%.
- ◦Sale/Acquisition




