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California  + Inland Empire  + Retail  | 

Shadow-Anchored Target Shopping Center Trades for $11.6M

Oak Grove Crossing, a 22,577-square-foot shopping center shadow-anchored by Target in Lake Elsinore, CA was acquired for $11.56 million. The property is located at 18283 and 18285 Collier Ave.

Hanley Investment Group Real Estate Advisors’ Jeff Lefko and Bill Asher represented the buyer, an Orange, CA-based family trust. The seller, a private investment partnership based in Murrieta, CA, was represented by Hanley’s Kevin Fryman.

The property, which was built in 2006, is located on 2.36 acres and was 100% occupied, with national and regional credit tenants occupying 81% of the space.

Fryman says, “Approximately 77% of the tenants have been located at the center since it was built in 2006. Since 2012, all of the shop tenants have signed a new lease or extended their lease. The sale also included a stand-alone McDonald’s pad on a long-term ground lease.”

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Sale/Acquisition
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