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Follow on Google News | Hanley Investment Group Closed 4 Shopping Center Transactions Valued at Over $50 Million in 30 DaysHanley Investment Group Real Estate Advisors has sold four retail properties totaling over $50 million and more than 130,000 square feet in the last 30 days.
By: Anne Monaghan / Monaghan Communications Edward B. Hanley, president of Hanley Investment Group, represented the buyer and seller in the sale of Gateway Village, a 96,959-square- “The sale of Gateway Village is a very good indicator that the retail investment market is slowly gaining more confidence," He also reported that the demand for quality single-tenant retail properties still remains strong. "Investors are looking for well-located single-tenant investments leased to national and regional credit tenants that provide security and stability with minimal management responsibilities," Hanley Investment Group represented both the buyer and seller in the sale of a single-tenant 14,991-square- “The sale represents one of the lowest cap rates for a single-tenant Walgreens in southern California in 2010,” said William B. Asher, managing director at Hanley Investment Group. “In fact, for the past two years, Walgreens that sold in southern California generally traded in the 7% cap range. The Riverside sale at a 6.64% cap is a positive indicator the market is turning around.” Asher added, “The demand for single-tenant drug stores increased dramatically in the fourth quarter of 2010 and combined with very attractive financing at up to 75% loan to value, watch for cap rates to remain in the 6% cap range moving forward.” "With continued uncertainty in investments such as stock and bonds; we see more investors looking to high quality commercial real estate," said Jeremy S. McChesney, a vice president at Hanley Investment Group. "A single-tenant investment such as Walgreens represents a very stable, long-term cash flow, with low risk. We expect that the demand for these high quality single-tenant investments will remain strong through 2011, as investors continue to look for stability and security." In another NNN Walgreens transaction, Wohl represented the buyer, RW WG Riverside, LLC of Newport Beach, in the sale of a single-tenant 14,490-square- "This property was a perfect fit for the buyer's 1031 exchange due to the excellent hard corner location and the AAA credit of Walgreens," noted Eric P. Wohl, vice president with Hanley Investment Group. "The buyer was also able to take advantage of favorable CMBS debt, which made the cash on cash return very strong." Wohl also represented the seller, The Christ Trust of Newport Beach, in the sale of La Verne Plaza, a 6,630-square- "The La Verne Plaza sale represented a unique opportunity for the buyer to purchase a Wells Fargo anchored retail center with excellent upside in rents and long-term historical occupancy," said Wohl. "With an average occupancy term of 15 years per tenant, La Verne Plaza has been 100% occupied for the last two decades, which is extremely rare in today's market." “The 2010 retail marketplace ended with optimism and positive signs of improvement," Hanley added, “As the economy slowly continues its recovery, with debt markets beginning to move and retail sales increasing, we expect to see investors more aggressively pursuing buying opportunities in 2011.” 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 three 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. End
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