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Follow on Google News | Hanley Investment Group Reps Buyer & Seller in $13.7 Million Grocery/Drug Anchored Center SaleHanley Investment Group represented the buyer and seller in the $13.7 million sale of Olivewood Plaza, a 96,259-square-foot grocery/drug anchored shopping center at 202-265 N. Highway 65 in Lindsay (Tulare County), Calif. Cap rate was 6%.
By: Anne Monaghan / Monaghan Communications The 96,259-square- “The demand for grocery/drug anchored shopping centers in California remains high,” said Edward Hanley, president at Hanley Investment Group. “There is still a surplus of capital pursuing these types of properties that will continue to be prevalent in 2008.” “Olivewood Plaza is the dominant shopping center in the city of Lindsay and is a secure and stable investment opportunity with Save Mart and Rite Aid having occupied space at the property since it was built in 1983,” said Bryan Land, associate at Hanley Investment Group. “It was a rare opportunity for the buyer to acquire a grocery/drug anchored shopping center with upside potential to lease the remaining vacant space and increase below market rents.” The buyer was Olivewood Properties, LLC from Los Angeles, Calif. The seller was Raymond Plaza LLC of Calabasas, Calif. About Hanley Investment Group Real Estate Advisors 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 two 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. Hanley Investment Group works closely with individual investors, developers, and institutional property owners in every facet of the transaction to insure that the highest value is achieved. Clients rely on Hanley Investment Group to be the most knowledgeable and trusted source for valuation services, market information and retail property acquisitions and dispositions. For more information, visit the Company’s website at www.hanleyinvestment.com or call (949) 585-7610. For information on this transaction, contact: Edward B. Hanley Hanley Investment Group Real Estate Advisors 2030 Main Street, Suite 1650 Irvine, CA 92614 P 949.585.7677 F 949.585.7611 ehanley@hanleyinvestment.com www.hanleyinvestment.com Website: www.hanleyinvestment.com End
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