California + Bay Area + Retail | July 31, 2023

Modesto Retail Pad Sells in All-Cash, Non-1031 Transaction

Hanley Investment Group Real Estate Advisors closed the sale of a 6,402-square-foot multi-tenant retail pad building shadow-anchored by a Save Mart grocery store in Modesto. The sale price was $4.11 million.

EVPs Jeff Lefko and Bill Asher represented the seller, Covenant Real Estate Group in Henderson, NV. The buyer was a private investor based in Elk Grove, CA.

“We procured an all-cash, non-1031 exchange buyer based in the area prior to formally marketing the property for sale,” said Lefko. “We negotiated a timely 15-day due diligence period to secure the deal for the buyer and provide certainty for the seller that the buyer was committed to the purchase to forego formally marketing the property.”

Built in 2018, the three-tenant retail pad building is located at 3601 Pelandale Ave. in Modesto. The tenants are Pacific Dental Services (operating as Modesto Smiles Dentistry), Mountain Mike’s Pizza and West Coast Sourdough Deli (which open soon).

Connect

Inside The Story

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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).

Order Reprints