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Follow on Google News | Hanley Investment Group Sells Two Southern California Shopping Centers for $27 MillionInvestors Snap Up Value-Add Opportunities Vineyard Plaza in Oxnard and 99 Cent Only Anchored Center in Palmdale
By: Hanley Investment Group Real Estate Advisors In Oxnard, Calif., Hanley Investment Group's President Ed Hanley, Executive Vice President Bill Asher and Senior Vice President Kevin Fryman represented the seller, a Los Angeles based private investor, in the sale of Vineyard Plaza. The purchase price was $17,600,000. Built in 1988 on 5.47 acres and remodeled in 2004, the 64,421-square- "Supply for well-located value-add retail investments in southern California remains very low,” said Fryman. “We generated multiple motivated and qualified offers based on the quality of the location and future upside the property presented with 15% vacancy and various short term leases at below market rates.” “We strategically negotiated and structured a contract that was mutually beneficial to both parties while helping the buyer timely satisfy a 1031 exchange," Asher said. The buyer, 23560 Crenshaw LLC based in Los Angeles, was represented by Nick Borrelli of Coldwell Banker Commercial NRT in Arcadia, Calif. In Palmdale, Calif., Hanley and Asher represented the buyer and seller in the sale of Palmdale Promenade, a 96,352-square- "We procured multiple offers from southern California investors and ultimately selected a buyer that had a long-standing banking relationship which helped facilitate the appropriate financing based on the current occupancy at the property," said Asher. “Palmdale Promenade and Vineyard Plaza represent prime examples of shopping centers offering approximately 150-200 basis points higher in yield compared to a traditional grocery-anchored center in a core location. Non-institutional buyers typically can’t compete when pursuing a Whole Foods or Trader Joe’s anchored center," Asher noted. "Properties like Palmdale and Oxnard have become attractive alternatives for private investors seeking better returns outside Los Angeles proper with non-traditional grocery anchors or no major anchors at all,” Fryman added. “This is a trend we’ll continue to see prevalent in today’s market and in the near future,” said Fryman who noted Hanley’s recent success with transacting these types of retail properties in Santa Clarita. Fryman noted Boot Barn Plaza, a 51,385-square- About Hanley Investment Group Hanley Investment Group Real Estate Advisors is a retail investment advisory firm with a $5 billion transaction track record nationwide, who works closely with individual investors, lending institutions, developers, and institutional property owners in every facet of the transaction to ensure that the highest value is achieved. For more information, visit www.hanleyinvestmentgroup.com. End
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