The asset involved in the transaction is a retail property located at 1020 South 23rd Street in McAllen, Texas. The asset comprises 2,240 square feet and sits on a 0.19-acre lot. The sale was executed for a total transaction amount of $1.9 million.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $1.9 million
• Square Footage: 2,240 SF
• Acres: 0.19
• Buyer’s Representative: Blake Wagenseller - Matthews Real Estate Investment Services
• Seller’s Representatives: Garrett Wood & Brad Dessy - Hanley Investment Group
• Lease Type: 12-year absolute net lease
• Rent Bumps: 10% every five years
• Previous Owner: New York-based investor
• Previous Operation: Convenience store for over 47 years

Hanley Investment Group facilitated the sale of the property and completed escrow in 29 days with an all-cash buyer from Northern California. The transaction underscores a significant movement within the retail market segment in the area.