Hanley Investment Group, a real estate advisory firm based in Corona Del Mar, CA, has arranged the $6 million sale of a brand-new, single-tenant investment occupied by Grocery Outlet in Kerman, CA.
Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller, a local private investment firm while Kidder Mathews’ Nigel Keep represented the buyer, a private investor based in the Bay Area.
The 16,000-square-foot Grocery Outlet building is located on West Whitesbridge Avenue at an intersection that sees over 28,000 cars a day. The store represents the 4th Grocery Outlet in California that Hanley Investment Group has sold in the last five months, all at sub-5% cap rate prices.
“We generated multiple competitive and qualified offers in the first week of marketing the property before securing a 1031 exchange buyer that closed at 100% of the asking price,” said Asher in a news release.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.