Retail Property On Lakeshore Dr, Lake Elsinore Sells For $3M In 2019

A single-tenant retail property located at 16810 Lakeshore Drive in Lake Elsinore has been sold for $3,000,000. The property, which encompasses 1,558 square feet, is situated in the Lake Elsinore market. Del Taco occupies the building, which is secured by a corporate-guaranteed, 15-year, absolute triple-net lease with 12.5 years remaining.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $3,000,000.00
• Square Footage: 1,558
• Address: 16810 Lakeshore Dr, Lake Elsinore, CA
• Seller's Representative: Matthew Mousavi - SRS Real Estate Partners
• Buyer's Representative: Chris Itule - Itule Real Estate Group

The seller was represented by Matthew Mousavi and Patrick Luther of SRS' National Net Lease Group, while the buyer’s representative was Chris Itule from Itule Real Estate Group. The transaction was completed as an all-cash deal, involving a partnership specializing in the ownership of net-lease properties selling the asset to an undisclosed buyer in Southern California.