Investment group

Hanley Investment Group Arranges Sale of Sole Tenant Cardenas Markets in San Bernardino, Calif., for $8.23 Million

“The sale represents a record capitalization rate for a sole-tenant Cardenas Markets in the United States”

SAN BERNARDINO, Calif. – Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in the sale of commercial properties, today announced that the company has arranged the sale of a rental investment net single tenant occupied by Cardenas Markets. The 43,360 square foot building is located in the fully leased Sterling Plaza shopping center in San Bernardino, California. The selling price was $8,230,000, which is a record capitalization rate for a single-tenant Cardenas Markets nationwide.

Hanley Investment Group executive vice president Eric Wohl and partner CJ Kiehler represented the seller, a local developer based in Newport Beach, Calif. The buyer, a private investor based in Corona, Calif., was represented by Ranhee Im, president of ANA Capital in Los Angeles, Calif.

“We generated 16 qualified bids and got a 1031 trade buyer that exceeded the asking price,” Wohl said. “The property sold at a cap rate of 4.74%, a record cap rate for a Cardenas Markets single tenant in the United States”

According to Wohl, “Cardenas has excellent store sales and a long-term corporate lease with attractive rent increases that have appealed to many investors. Other factors include its strategic location, favorable demographics, below-market rent, and significantly lower replacement cost than today. »

Wohl adds, “Cardenas has spent approximately $4 million improving the site, demonstrating a long-term commitment to the location.”

Cardenas is one of the largest Hispanic supermarket chains in the country, with 59 locations in California, Arizona and Nevada. In 2016, KKR, a New York-based global investment firm, and Victory Park Capital, a Chicago-based private equity firm, purchased Cardenas Markets.

Built in 1988 and renovated in 2018, the Cardenas Markets building is located on 3.31 acres at 2045 E. Highland Avenue, adjacent to Planet Fitness in the Sterling Plaza Mall. Sterling Plaza is located at the signalized intersection of Highland Avenue and Sterling Avenue, a busy signalized intersection with an average of 33,700 cars per day. The property is just one block from the on-ramps and off-ramps of Foothill Freeway/State Route 210, which has approximately 94,000 cars per day.

Cardenas Markets benefits from strong Southern California demographics favorable to a Hispanic grocer. “There are over 134,000 residents within a three-mile radius of the subject property, with 62% Hispanic population. The purchasing power of Hispanics is estimated to be $2 trillion by 2024,” Wohl noted.

In addition to Cardenas and Planet Fitness markets, Sterling Plaza includes Starbucks and Wendy’s drive-thru, O’Reilly Auto Parts, Bank of America, KFC, and more. Nearby credit tenants include Rite Aid, 99 Cents Only, Food 4 Less, Stater Bros. Markets, CVS Pharmacy, Walgreens, Harbor Freight Tools, Big Lots, Big 5 Sporting Goods, AutoZone, Del Taco, El Pollo Loco and others.

The newly renovated Yaamava’ Resort & Casino is located just two miles from Sterling Plaza. It would be the largest casino in California with 432 rooms, 6,500 slot machines, 135 table games, 38 poker tables, five high-limit rooms and a 2,800-seat entertainment room.

“There is still a significant amount of private capital and aggressive 1031 exchange buyers in the market and not enough high-quality commercial properties to satisfy the unprecedented demand, which continues to keep cap rates at record highs. historically low,” Wohl noted. “We expect that new construction, single-tenant net lease properties with a long-term lease from a strong national or regional credit tenant will continue to attract multiple offers from eager investors looking for a home. ‘a safe haven.’

About Hanley Investment Group

Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services firm with a transaction history of over $9.1 billion that specializes in the sale of commercial properties nationwide. Our expertise, proven track record and unwavering dedication to putting customer needs first sets us apart in the industry. Hanley Investment Group creates value by delivering exceptional results through the use of property-specific marketing strategies, cutting-edge technology and local market knowledge. Our nationwide relationships with investors, developers, institutions, franchisees, brokers and 1031 exchange buyers are unparalleled in the industry, resulting in maximum exposure and price for every property. With unparalleled service, Hanley Investment Group has redefined the retail investment property experience. For more information, visit

Media Contact
Company Name: Hanley Investment Group Real Estate Advisors
Contact person: Eric Wohl, Executive Vice President
E-mail: Send an email
Call: 949.585.7673
Address:3500 E. Coast Highway, Suite 100
Town: Crown of the Mar
State: California
Country: United States