12/24/2009: CIA Commercial Investment Advisors

IRVINE, CA-Buyers have closed on three acquisitions of multi-tenant retail properties and one ground lease for a single-tenant retail property that a broker describes as one of the most challenging he has ever worked on. The four deals, brokered by Irvine-based Hanley Investment Group Real Estate Advisors, total more than $8 million combined.

In the ground lease deal, senior vice president Carlos J. Lopez of Hanley reports that 1031 exchange buyer John Choi of Los Angeles acquired fee-simple ownership in land leased to a single-tenant building occupied by Forever 21 at 1113 Imperial Highway West in Calexico from Calexico Retail Associates LLC for $5.2 million. The property is situated within a neighborhood shopping center anchored by Food 4 Less and Rite Aid.