Chipotle-Anchored Pad Site Sells to 1031 Investor
Hanley Investment Group Real Estate Advisors arranged the sale of a recently constructed, three-tenant net-leased investment anchored by a Chipotle Mexican Grill with a drive-thru Chipotlane in Riverside. The sale price was $5.84 million.
EVP Eric Wohl and associate CJ Kiehler of Hanley represented the seller and developer, Irvine-based Greens Development Inc. The buyer, a Los Angeles-based 1031 exchange investor, was represented by Justin Altemus of The Altemus Company in Los Angeles.
“As part of this off-market transaction, we successfully sourced a 1031 exchange buyer who needed to close quickly and ended up closing escrow while BHC Chicken, one of the pad building’s tenants, was still completing their buildout,” said Wohl.
The 6,300-square-foot Chipotle-anchored pad building, completed in 2020, sits on a 0.90-acre parcel at 22430 Van Buren Blvd. in Riverside. The pad building is a part of Veteran’s Plaza, a community shopping center and hotel complex developed by Greens Development Inc. In May 2023, Hanley arranged the sale of the Starbucks Drive-Thru-anchored property at Veterans Plaza for the same seller.
