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Follow on Google News | Hanley Investment Group Negotiates Sale of 128,000 SF of Retail for $29 Mil in Los Angeles CountyBy: Hanley Investment Group Real Estate Advisors Patrick G. Kent and William B. Asher of Hanley Investment Group represented the seller, Grae Palmdale Landlord, LLC of Los Angeles, in the sale of the leasehold-interest in Sierra Commons, a 104,811-square- Progression Real Estate Investments Managing Director Jim Howard said, “Sierra Commons is a well-located and attractively designed shopping center that attracts leading retailers, resulting in an investment yielding strong cash returns and long term value." “It’s historically been one of the best locations for retail in the Antelope Valley,” said Kent, a senior vice president at Hanley Investment Group. “Sierra Commons is ideally situated between the Antelope Valley Mall and 14 Freeway; ‘main and main’ for the entire Palmdale/Lancaster area. It’s fundamentally great real estate." According to Kent, it was the solid mix of credit anchors tenants of Ashley Furniture, Michaels and BevMo!, combined with an attractive assumable loan that produced a double-digit return, that motivated the buyer to acquire the center. “The shopping center had been marketed previously over the past 7 years by three other brokers,” noted Kent. “We were able to procure a highly qualified 1031 exchange buyer that understood the leasehold characteristic of the property and was capable of assuming an existing CMBS loan with over 11 years remaining.” “The successful sale of the property is a testament to our company’s network, relationships and ability to procure the right buyers for certain retail assets like a leasehold community shopping center such as Sierra Commons,” said Asher, the managing director at Hanley Investment Group. In the second transaction, Hanley Investment Group represented the buyer and seller in the sale of Pacific Plaza, a23,438-square- According to Kent, Hanley Investment Group sourced multiple all-cash buyers within the first two weeks and closed at 100% of the list price. He adds, "The closing of this multi-tenant retail property is continued evidence of the high demand for good quality retail property that is located in a major metropolitan areas." “It’s been a record year for Hanley Investment Group and a historic year in the industry," Asher reported. "Even with interest rates anticipated to increase next year, demand is still outpacing supply in the marketplace, which should keep transaction volume steady and pricing from softening as quickly as it has in previous cycles.” 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 brokerage firm with a $4+ billion 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 clients' 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 ensure 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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