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Hanley Investment Group Closes 4 Calif. Shopping Center Sales at Record Prices Totaling $46,790,000
Hanley Investment Group Real Estate Advisors negotiated the sales of four prominent shopping centers in California for a total consideration of $46,790,000 and located in Rancho Cordova, Mission Viejo, Fountain Valley and Garden Grove.
Edward B. Hanley of Hanley Investment Group represented the buyer and seller in the sale of a Target anchored community shopping center in Rancho Cordova, Calif. The purchase price was $26,500,000.
"Rancho Cordova Town Center is a very unique investment opportunity with excellent upside potential," said Edward Hanley, president of Hanley Investment Group. “The property is unique because it is co-anchored by Target, one of the leading retailers in the world, which provides the property with an outstanding customer draw. The upside potential exists in various areas from leasing up the current vacant shop space to a complete redevelopment of the property. It was a challenging transaction because there were a lot of moving parts between not only the seller and buyer, but also Target. In the end, we were able to successfully accommodate all parties throughout the transaction process and help achieve their investment objectives."
The buyer was Pacific Castle based in Irvine, Calif. The seller, also from Irvine, was Passco Companies, LLC.
Moving south to Orange County, Edward Hanley represented the buyer in the sale of a multi-tenant shopping center in Mission Viejo, Calif. The purchase price was $12,500,000, which represented a 6% cap rate.
"There was a lot of competition for the acquisition of this property, due to the future upside potential the property possessed as well as the attractive south Orange County location,” noted Hanley. “The seller got comfortable very quickly with the buyer’s track record, including owning and managing multiple properties in the immediate area. The deal was solidified with the combination of a very strong initial offer, combined with the buyer’s resume.”
The buyer was Cadence Capital Investments based in Greenwood Village, Colo. Dan Parker of Parker & Associates in Laguna Hills, Calif. and Don Smith of D.W.A. Smith & Company in Newport Beach, Calif. represented the seller, Viejo Properties, LLC of San Mateo, Calif.
In another Orange County transaction, Hanley and Eric P. Wohl represented the seller in the sale of a multi-tenant strip center in Fountain Valley, Calif. The purchase price was $4,000,000, which represented one of the highest prices per square foot in the area at $793 per square foot and one of the lowest cap rates at 4.95%.
“This was a rare opportunity to acquire a multi-tenant strip center anchored by Starbucks in a prime Orange County location,” said Eric Wohl, vice president at Hanley Investment Group. “The buyer was the ideal candidate for the property, as he owned similar type property in the Orange County area.”
“We were able to successfully close the transaction after handling several challenges including a property condition issue, plus obtain a record breaking sale price that exceeded the seller’s expectations,”
The buyer, a private investor based in Playa del Rey, Calif. was represented by Steve Lund of Marketing Brokers in Huntington Beach, Calif. The seller was a private investor from Newport Beach, Calif.
In the last of the four transactions, Jeremy S. McChesney and Kevin T. Fryman represented the buyer and seller in the sale of a multi-tenant retail/office center in Garden Grove, Calif. The purchase price was $3,790,000, which represented one of the lowest cap rates in the area at 4.26%.
“This was an extraordinary value-add investment opportunity in a dense in-fill location,” said Jeremy McChesney, senior associate at Hanley Investment Group. “The property is situated in a highly desirable area of Garden Grove. The buyer has an outstanding opportunity to increase below market rents for a property positioned on a major east/west thoroughfare in central Orange County.”
“Demand for retail remains very strong in Orange County, especially for any type of retail asset with a value-add component,” added Kevin Fryman, senior associate at Hanley Investment Group. “The buyer paid a premium for the property, which resulted in a record low cap rate that exceeded the seller’s expectations.”
The buyer was a private investor based in Huntington Beach. The seller was a private investor from Garden Grove.
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 $1 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 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.