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California  + Inland Empire  + Retail  | 
Hanley Investment Group closed the sale of three retail pads at Monterey Crossing in Palm Desert to three separate buyers

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%. 

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Inside The Story

Hanley's Asher and Lefko

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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