Hanley Investment Group Real Estate Advisors arranged the sales of two newly constructed, single-tenant retail properties at Cathedral Cove Center in downtown Cathedral City. The properties, occupied by Circle K and Starbucks, were sold to individual private buyers in separate transactions for a combined total of approximately $8 million.
EVPs Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller and developer, Fountainhead Developments. Both properties are under long-term triple-net leases.
The Circle K-leased property, located at 68835 E. Palm Canyon Dr., sold for more than $4.19 million. The buyer, a private 1031 exchange investor from Ventura, was represented by Joe Ahearn of Pinnacle Estate Properties.
The Starbucks property, located at 68995 E. Palm Canyon Dr., sold for $3.7 million. The buyer, a private investor in a 1031 exchange from Roseville, was represented by Alexander Moore of SRS Real Estate Partners.
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