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Follow on Google News | Hanley Investment Group Negotiates Sale of 4 Anchored Retail Centers for Phillips EdisonEric Wohl of Hanley Investment Group has negotiated the purchase of four shopping centers for Phillips Edison & Company totaling 372,000 sq. ft. for $24 million. Hanley Investment Group has closed 11 Phillips Edison properties in 8 months.
By: Hanley Investment Group Real Estate Advisors "With the combination of our proven track record in secondary and tertiary markets across the country and our extensive national investor database, we continue to outperform local market brokers by procuring aggressive buyers who are comfortable in small to mid-size markets," said Wohl. Wohl negotiated the purchase of Sandy Marketplace, a 100,762-square- According to Wohl, "Sandy Marketplace is located on the only major corridor in Sandy or Mt. Hood. The shopping center offers signalized access and traffic counts exceeding 30,800 cars per day." In Pensacola, FL, Wohl negotiated the purchase of Ferry Pass Plaza, a 115,198-square- "Ferry Pass Plaza offered the buyerexcellent access and visibility on one of the most traveled intersections in Pensacola," Wohl noted. "Other features that were attractive to the buyer included the potential upside through raising below market rents over time and that the shopping center was priced significantly below replacement cost." In Madison, TN,Wohl negotiated the purchase of Rivergate Square, an 82,088-square- "Rivergate Square features excellent frontage on the main retail thoroughfare with a traffic count in excess of 36,000 cars per day," said Wohl. "This transaction represents another example of the type of demand we are seeing for well-located shopping centers within smaller markets that are leased by national and regional credit tenants." Less than 8 miles southwest of Downtown Richmond, VA central business district, Wohl completed the sale of Cross Pointe Marketplace, a 73,788-square- "We were able to negotiate around the short-term nature of the Food Lion lease with less than spectacular sales figures and having the property's co-anchor be a college," said Wohl. "The buyer felt that the Richmond MSA offered a diverse and balanced economy, a high quality of life and low cost of living, and strong growth prospects." Wohl adds that favorable financing was put on each deal and all four transactions closed within nine days of each other."As confidence in the retail investment market improves and lenders are willing to provide attractive financing for properties located in secondary markets, we will continue to see increased demand in markets where there was very little velocity only a few years ago,” Wohl noted. 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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