The buyer was a partnership of private individuals, which are seeking to acquire additional high quality shopping centers in Southern California, preferably on an all cash basis. The Foothill Promenade is the second major shopping center purchased by these individuals in the last ten months. In October 2009, they acquired the Tustin Courtyard Shopping Center in Orange County.
“It was a rare sale of a pride of ownership neighborhood shopping center in the greater San Gabriel Valley area and overall in today’s market,” said William B. Asher, managing director at Hanley Investment Group. Asher notes the property was never on the market and the buyer assumed an existing loan with the purchase.
“The first half of 2010 has seen a lack of supply of quality neighborhood shopping centers marketed for sale and actually transacting in southern California,”
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.