1. Latest News
  2. Submit Press Release
  1. PR Home
  2. Latest News
  3. Feeds
  4. Alerts
  5. Submit Free Press Release
  6. Journalist Account
  7. PRNewswire Distribution

Hanley Investment Group Lists First Tesco Anchored Shopping Center for $20,425,000

Hanley Investment Group has the exclusive listing to market for sale the first U.S. Tesco anchored shopping center in Las Vegas, Nevada. Asking price for the center, known as Warm Springs Plaza, is $20,425,000.

 
PRLog - Sep. 17, 2007 - IRVINE, CALIF. – Hanley Investment Group Real Estate Advisors, one of the most dominant retail investment groups in the Western United States and a market leader in the sale of retail properties, announced today it has been awarded the exclusive listing to market the first U.S. Tesco anchored shopping center in Las Vegas, Nevada. Edward B. Hanley of Hanley Investment Group Real Estate Advisors has been named the listing agent.

The 75,964-square-foot neighborhood shopping center, known as Warm Springs Plaza, is located at the southeast corner of Warm Springs Road and Eastern Avenue in Las Vegas. Located just south of the McCarran International Airport, Warm Springs Plaza is situated on 6.33 acres and features Tesco as the anchor, Britain’s new chain of grocery stores in the United States under the brand Fresh & Easy Neighborhood Market. Fresh & Easy is co-tenants with Tuesday Morning and 19 other tenants. The shopping center is 96% occupied and is listed for $20,425,000 on behalf of the seller, Woodland Hills-based Toibb Enterprises.

“It is very exciting to have the very first Tesco anchored shopping center for sale,” said Edward Hanley, president at Hanley Investment Group. “Tesco’s commitment to invest $400 million per year in their Fresh & Easy Neighborhood Market concept in the United States over the next five years makes Warm Springs Plaza a tremendous investment opportunity. Tesco is Britain’s largest retailer and one of the top three retailers in the world, a very attractive selling point for the asset which benefits from an outstanding Las Vegas location.”

“I have received a great deal of interest already on the property,” notes Hanley. “The Tesco space was formerly occupied by a local furniture tenant. The current owner has done a great job repositioning the property, making it a very attractive, stable investment opportunity with the upside potential to increase below market rents on a number of shop space tenants in the future.”

In Covina, Calif., Hanley has also been awarded the listing for the sale of a grocery/drug anchored shopping center that includes Albertsons and Drug Emporium. The property is being marketed on a “Best Offer” basis with the deadline for offers to be submitted no later than October 19, 2007.

The 112,200-square-foot neighborhood shopping center, known as Grand Covina Plaza, is located at the southwest corner of Grand Avenue and Covina Boulevard in Covina. The property is situated on 8.76 acres and features Albertsons and Drug Emporium as the anchor tenants as well as 16 other tenants. Other notable tenants include: 7-Eleven, Farr’s Hallmark Stationers, H&R Block, Kentucky Fried Chicken and Radio Shack. The shopping center is 96% occupied.

“Grand Covina Plaza is an exceptional value-add investment opportunity,” says Hanley. “A prospective investor will have a tremendous opportunity to increase below market rents on numerous tenants with the rare opportunity to acquire a grocery/drug anchored shopping center where all pad tenants are included in the offering.”

In San Antonio, Texas, Hanley was awarded the listing for the sale of Ingram Square. The asking price is $7,380,000 representing an 8.0% cap rate.

The 98,829-square-foot shopping center is located at 6750-6844 Ingram Road and benefits from excellent frontage along the I-410 Loop Freeway in San Antonio. Built in 1981, the property consists of 15 tenants including Ace Cash Express, EZ Money Loan Services, Firestone Tires, Jackson Hewitt and Texas Thrift Store. Situated on 10.02 acres the property is 86% occupied.

“At an 8% cap and $75 per square foot, Ingram Square is a tremendous investment opportunity in a central location in San Antonio,” says Hanley. “Ingram Square has excellent freeway visibility and is situated in a very strong retail trade area adjacent to the Ingram Square Mall. With 14% vacancy, a prospective investor has the ability to lease up the remaining vacant space and achieve over a double digit return.”

In the Inland Empire region of Southern California, Hanley Investment Group was recently awarded three listings. Eric L. Werner has listed for sale a portion of Wolf Store Retail Park in Temecula. The asking price is $5,750,000.

The 9,862-square-foot multi-tenant strip center is a portion of what is known as Wolf Store Retail Park in Temecula. The offering is Building D, located directly adjacent to Highway 79 South, the main retail corridor in the area where traffic counts are in excess of 75,000 cars per day. Built in 2004, the property consists of five tenants including Champ Cuts, Cocoa Nut Grove, La Cocina Mexican Restaurant, Marsicos El Cuate and Mazzarro’s Trattoria. Situated on 0.86 acres, the property is 100% occupied.

Kevin T. Fryman and Bryan Land have listed for sale a portion of Archibald’s Plaza in Ontario. The asking price is $7,455,000.

The 15,505-square-foot multi-tenant strip center is a portion of what is known as Archibald’s Plaza in Ontario, Calif. The offering is located at 2910 & 2920 E. Riverside Avenue, just north of the New Model Colony residential development, scheduled to add 30,000 new homes to the area at build out. Built in 2004, the property consists of 12 tenants including Starbucks (Drive-Thru), Juice it Up, Sprint and UPS Store. Situated on 1.97 acres, the property is 100% occupied and benefits from excellent co-tenants not a part of the offering that include Ace Hardware, Archibald’s Restaurant, Walgreens and Washington Mutual.

Also in the Inland Empire, Cameron Rafati has listed a Starbucks anchored retail center in Victorville. The asking price is $4,260,000.

The 5,939-square-foot multi-tenant strip center is located at the entrance to the city of Victorville at the signalized intersection of Greentree Boulevard and 7th Street, adjacent to the 15 freeway. Built in 2004, the property consists of five tenants including Starbuck (Drive-Thru), Cingular Wireless, Mastercraft Kitchens, Sacramento Auto Insurance and USA Checks Cashed. Situated on 0.64 acres, the property is 100% occupied.

Hanley notes that the company has closed $170 million so far this year and currently has more than $175 million in retail properties currently listed for sale. “It has been a very good year so far for the company,” says Hanley. “We had one of our best years in 2006 and we have already surpassed our 2006 results to date. We have had the opportunity to work with a wide array of clients on some great assignments. We have also been fortunate to add some tremendous talent to our organization that has generated many outstanding opportunities.”

“The retail investment market has been very good to us this year,” says Hanley. “With the recent capital market challenges, it has been more difficult to consummate deals in the last two to four months, but we have been successful in overcoming various obstacles in the market to close many transactions. Investors are being cautious about overpaying for properties and believe cap rates will no longer compress. However, there is still a healthy demand for quality retail properties and we are optimistic the retail market will remain strong moving into 2008.”

Built on a solid foundation of performance, integrity and dedication, Hanley Investment Group Real Estate Advisors is a boutique retail investment advisory firm with a $1 billion dollar transaction track record that is comprised of innovative specialists delivering unparalleled service and superior results that consistently exceed client expectations. Hanley Investment Group’s expertise, commitment and unwavering focus of putting the client’s needs first have continued to set the company apart in the industry. For more information, visit www.hanleyinvestment.com or call (949) 585-7610.

# # #

Edward B. Hanley
Hanley Investment Group
Real Estate Advisors
2569 McCabe Way, Suite 100
Irvine, California 92614
p 949.585.7677
ehanley@hanleyinvestment.com

--- End ---

Click to Share

Contact Email:
Source:Anne Monaghan / Monaghan Communications
Website:http://www.hanleyinvestment.com
Phone:949-722-2933
Zip:92614
City/Town:Irvine - California - United States
Industry:Business, Real Estate, Retail
Tags:hanley investment group, e werner, tesco, shopping center for sale, retail investment property, las vegas, k fryman
Shortcut:prlog.org/10030826
Disclaimer:   Issuers of the press releases are solely responsible for the content of their press releases. PRLog can't be held liable for the content posted by others.   Report Abuse

Trending News...



  1. SiteMap
  2. Privacy Policy
  3. Terms of Service
  4. Copyright Notice
  5. About
  6. Advertise
Like PRLog?
9K2K1K
Click to Share