IRVINE, CALIF. – Hanley Investment Group Real Estate Advisors, one of the most dominant retail investment groups in the western United States and a market leader in the sale of retail properties, announced today that Jeremy S. McChesney represented the seller in the sale of a single-tenant O’Reilly Auto Parts in Oakland, Calif. The purchase price was $2,250,000, representing a 6.40% capitalization rate.
Located at 3232 Foothill Boulevard in Oakland, the 8,000-square-foot, single-tenant absolute NNN freestanding building is situated on a 0.72-acre parcel of land. The building was built in 1997. O’Reilly Auto Parts is situated adjacent to one of the busiest Walgreens in the area.
“The single-tenant net leased category continues to remain hot and the sale of this asset is another example of the market’s desire for quality real estate,” said Jeremy S. McChesney, a senior vice president at Hanley Investment Group.
“The unique location combined with a corporate guaranteed lease attracted a great deal of interest and multiple offers,” McChesney stated. “O’Reilly Auto Parts has 10 years remaining on the initial term and rental increases every 5 years.”
McChesney added, “We procured a very qualified buyer through Hanley Investment Group’s strategic marketing efforts. The buyer was in a 1031 exchange coming out of apartments and paid all cash for the investment.”
The buyer was a private investor from San Jose, Calif. The seller was Equitas Oakland, LLC from Hermosa Beach, Calif.
About Hanley Investment Group Real Estate Advisors
Built on a solid foundation of performance, integrity and dedication, Hanley Investment Group Real Estate Advisors is a boutique retail investment brokerage firm with a three billion dollar transaction track record that is comprised of innovative specialists delivering unparalleled service and superior results that consistently exceed client expectations. Hanley Investment Group’s expertise, commitment and unwavering focus of putting the client’s needs first have continued to set the company apart in the industry. Hanley Investment Group works closely with individual investors, developers, and institutional property owners in every facet of the transaction to insure that the highest value is achieved. Clients rely on Hanley Investment Group to be the most knowledgeable and trusted source for valuation services, market information and retail property acquisitions and dispositions. For more information, visit the Company’s website at www.hanleyinvestment.com or call (949) 585-7610.