LAKE ELSINORE, Calif. — Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm has arranged the sale of a newly constructed, single-tenant Pollo Campero ground lease in Lake Elsinore, California, for $2,925,000. The closing cap rate represents the lowest Pollo Campero cap rate recorded nationwide in nearly four years.
Hanley Investment Group’s Executive Vice President Bill Asher and Executive Vice President and Partner Jeff Lefko represented the seller and developer, Evergreen Devco, a leader in retail, multifamily and industrial real estate development. The buyer, a private investor based in San Bernardino County, California, was represented by Greg Bedell and Lance Mordachini of Progressive Real Estate Partners.
“We generated multiple qualified offers and procured an all-cash 1031 exchange buyer through an existing broker relationship,” said Asher. “The property sold prior to the anchor tenant, Stater Bros., commencing construction and opening for business, which underscores the strength of the location and tenant.”
“This transaction was a great example of how strong relationships can create real execution certainty,” said Greg Bedell, senior vice president and managing director at Progressive Real Estate Partners. “Our prior experience working with both Evergreen Devco and Hanley Investment Group gave our client a high level of confidence early in the process, which allowed us to move quickly and decisively. The combination of a high-quality development, a growing trade area and a long-term absolute triple-net ground lease made this a compelling acquisition for our client.”
The newly constructed 3,000-square-foot building sits on 1.10 acres and features a 15-year absolute triple-net corporate ground lease with 10% rental increases every five years during the primary term and each of the option periods. The lease includes minimal landlord responsibilities.
The property is located at 29160 Central Avenue (Highway 74) in Lake Elsinore at the signalized intersection of Central Avenue and Cambern Avenue. It is a pad to a new Stater Bros.-anchored retail development positioned within the trade area’s dominant regional retail corridor, which sees 13 million combined annual visits (according to Placer.ai). Stater Bros. is expected to open between the fourth quarter of 2026 and the first quarter of 2027. Other co-tenants include 7-Eleven (now open), Dutch Bros Coffee (projected to open in the fourth quarter of 2026) and Super Star Car Wash (scheduled to open in April 2026).
The property benefits from excellent visibility along Highway 74/Central Avenue (28,000 cars per day) and immediate access to Interstate 15 (127,000 cars per day). The surrounding trade area includes Costco, Lowe’s, Target, Walmart Supercenter, The Home Depot, Aldi, LA Fitness, PetSmart and other national retailers.
“This corridor continues to attract best-in-class retailers due to strong population growth, high traffic counts and outstanding regional draw at the intersection,” said Asher. “The expansion of this new Stater Bros. location is a testament to the chain’s tremendous historical success in other areas within the city of Lake Elsinore, one of the fastest-growing areas in California.”
Hanley Investment Group is currently marketing the Super Star Car Wash outparcel for sale, offering investors an opportunity to acquire another new-construction, long-term, absolute triple-net ground lease with minimal landlord responsibilities within the same development.
“Investor demand for new-construction, absolute triple-net ground leases with long-term corporate guarantees remains exceptionally strong,” Asher added. “This sale reflects the continued appetite for high-quality, service-oriented retail in growing Southern California markets.”
About Evergreen
Founded in 1974, Evergreen specializes in retail, multifamily, industrial and mixed-use developments, along with tenant rollouts, property and asset management. Working throughout the nation, Evergreen has earned a reputation as an industry leader by delivering high-quality real estate developments and services reliably, efficiently and cost-effectively. The company has over 70 employees, with offices in Arizona, Colorado, California and Utah. Evergreen is currently engaged in the development of more than 65 retail, industrial and apartment projects and has completed more than 650 projects. Visit evgre.com.
About Progressive Real Estate Partners
Progressive Real Estate Partners (PREP) is a boutique commercial brokerage firm headquartered in Rancho Cucamonga, California. Founded in 2008, the firm specializes in the leasing and sale of retail properties in Southern California’s Inland Empire, San Gabriel Valley and Coachella Valley. The firm is also the exclusive Inland Empire representative of the Retail Brokers Network (RBN). Since the firm’s inception Progressive has completed over 2,000 lease and sales transactions valued at more than $2.0B in over 35 cities throughout the region. Progressive Real Estate Partners uses the latest marketing and brokerage techniques to help retailers and property owners achieve their real estate goals. Visit progressiverep.com.
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with a transaction track record of $12.8 billion, specializing in the sale of retail properties nationwide. The firm’s expertise, proven track record spanning more than 20 years, and dedication to putting clients’ needs first set it apart in the industry. Hanley Investment Group creates value by delivering exceptional results through property‑specific marketing strategies, cutting-edge technology and local market knowledge. Hanley Investment Group’s relationships with investors, developers, institutions, franchisees, brokers and 1031 exchange buyers translate into maximum exposure and pricing for each property. With unmatched service, Hanley Investment Group has redefined the experience of selling retail investment properties. Visit hanleyinvestmentgroup.com.
Media Contact
Company Name: Hanley Investment Group Real Estate Advisors
Contact Person: Bill Asher, Executive Vice President
Email: Send Email
Phone: 949.585.7684
Address:3500 East Coast Highway, Suite 100
City: Corona del Mar
State: California
Country: United States
Website: https://hanleyinvestmentgroup.com/