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**Hanley Investment Group Arranges $8M Sale of Two Retail Properties in Cathedral City**
Hanley Investment Group Real Estate Advisors has successfully arranged the sale of two newly constructed, single-tenant retail properties located at Cathedral Cove Center in downtown Cathedral City. The properties, occupied by Circle K and Starbucks, were sold in separate transactions to individual private buyers for a total of approximately $8 million.
Executive Vice Presidents Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller and developer, Fountainhead Developments. Both retail assets are secured under long-term triple-net (NNN) leases, offering stable, passive income opportunities for the new owners.
The Circle K property, located at 68835 E. Palm Canyon Drive, sold for over $4.19 million. The buyer was a private investor participating in a 1031 exchange from Ventura, California, and was represented by Joe Ahearn of Pinnacle Estate Properties.
The Starbucks property, located nearby at 68995 E. Palm Canyon Drive, was acquired for $3.7 million. The buyer, also involved in a 1031 exchange, was a private investor based in Roseville, California, and was represented by Alexander Moore of SRS Real Estate Partners.
These transactions reflect continued investor interest in single-tenant, net-leased retail assets, particularly those backed by nationally recognized tenants.
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