A strip center in Lake Elsinore has a new owner.
Winston Plaza, a 34,850-square-foot multi-tenant strip center located at 31762 Mission Trail, was sold to Fan Family Trust, of La Habra by Palm Lake Properties, LLC in Irvine for $4.3 million.
Built in 1991, the two-building retail center is situated on 2.68 acres and consists of the following tenants: A&M Auto, Brake Masters, Carniceria Lucio, Pay Day Advance and Team Auto Aid. The property was 95 percent occupied at the time of sale.
“It’s a diverse combination of auto, retail and office tenants in one center,” said William B. Asher, managing director of Hanley Investment Group. “The buyer acquired a multi-tenant retail investment with below market rents and took advantage of today’s low interest rate financing to satisfy a 1031 exchange requirement.”
Asher and Hanley’s Jeremy S. McChesney both represented the seller on the property. Asher said it’s the second transaction he and McChesney have sold in Lake Elsinore in four months. The two teamed up to sell a single-tenant Walgreens for $8,086,409 in Lake Elsinore at the end of 2011.
According to Asher, buyer demand is outweighing supply of quality multi-tenant stabilized retail investments in Southern California. In the last six months, Hanley Investment Group has sold a total of seven retail properties in the Inland Empire valued at $35 million, according to a news release from the company.