In a sign that the commercial investment market is picking up, the Smart & Final store near downtown Fresno was sold to a private investor from San Pedro for $6.3 million.
The sale includes the 17,164-square-foot retail building, the acre lot it sits on at the corner of H and Ventura streets and a triple-net lease - an agreement where the tenant pays the real estate taxes, building insurance, and maintenance, according to the Hanley Investment Group, an investment brokerage firm based in Irvine.
“The sale continues to show the demand for well located single-tenant NNN investments in today’s market,” said Eric P. Wohl who negotiated the sale with Edward B. Hanley and represented the seller, a private investor from San Diego.
The Fresno transaction is one of 10 sales the company closed in December totaling nearly $61 million. The others were in areas like Los Angeles County, Grenada Hills, Cerritos, Orange County and one in Georgia.
The 2013 retail investment market finished with more sales than predicted at the beginning of the year, the company said.
“We saw a record breaking number of closings at the end of the year as private investors sought to take advantage of low interest rates and the limited supply of quality of assets,” Hanley said.
That trend is expected to continue, Hanley said, as pent up investor demand drives up sales this year.