In the two Menifee sales, Hanley reports that Lew 1st–CrenshawProperties LLC of Glendale bought both of the properties from thecenter's developer, Costa Mesa-based Donahue Schriber Realty Group,for a total of nearly $5.29 million. Edward B. Hanley and WilliamB. Asher of Hanley Investment Group negotiated two separateall-cash 1031 exchange deals totaling on behalf of the seller; thebuyer was represented by James Kwon of Coldwell Banker Best Realtyin Fullerton.

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[IMGCAP(2)]The Wells Fargo building is at 30186 Haun Rd. in theCountryside Marketplace center and was built in 2008. It is a5,250-square-foot, free-standing building situated on slightly morethan a half acre. The Red Robin is at 30142 Haun Rd. and was alsobuilt in 2008. It is a 6,050-square-foot free-standing buildingsituated on a 1.37-acre parcel.

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Hanley says that the deals illustrate that demand forsingle-tenant NNN investments "continues to be extremely strong."He adds, "There is a lack of quality single-tenant NNN propertieson the market right now in Southern California. When they do cometo market, they are transacting quickly with all-cash buyers."

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Hanley says that the deals in Menifee, and the others that thecompany has closed lately, also illustrate that the market forsingle-tenant and multi-tenant retail properties priced under $5million is very active right now. "With a lack of product currentlyon the market, demand continues to increase from buyers seekingretail investment properties across the Western United States," hesays Hanley.

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In one of the other deals, Commerce, CA-based 99 Cents Only Inc.bought a 27,300-square-foot shopping center at 1125-1175 EastCharleston Blvd. in Las Vegas from Family Place Station LLC of SaltLake City for $4.83 million. Both the buyer and the seller wererepresented by Hanley and Eric P. Wohl of Hanley Investment Group.Known as Family Place, the four-tenant shopping center is situatedon a 1.97-acre parcel, was built in 2003 and was 100% occupied atthe time of sale.

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Hanley and Wohl also represented the seller in the sale ofWalnut Newport Center, a 9,597-square-foot multi-tenant retailcenter at 13842 Newport Ave. in the Orange County city of Tustin.The Lee Family Trust of Orange County acquired the center fromWestwood Financial of Los Angeles in an all-cash deal. Thefour-tenant strip center is situated on a .74-acre parcel, wasbuilt in 1986 and was 100% occupied at the time of sale. The buyerwas represented by Chuck Hathoot of Prudential California Realty inLaguna Niguel.

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