Hanley Achieves Lowest Cap Rate

IRVINE, CA-As GlobeSt.com reported earlier today, locally based retail investment group Hanley Investment Real Estate Advisors ended 2012 with a bang, closing out the fourth quarter with the sale of 23 retail properties totaling more than $90 million. The firm also set multiple records in 2012 for the lowest capitalization rate for single-tenant drug stores.

In April, Hanley achieved the lowest cap rate for a Walgreens in more than three years in San Bernardino County with the sale of a Walgreens in Victorville at a 5.69% cap rate and total sales price of $7.469 million. And in August, the firm sold a single-tenant CVS/pharmacy ground lease in Fresno at the lowest cap rate for all single-tenant drug stores in the nation in 2012: 5.25% at a sales price of $5.24 million.