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Hanley Investment Group Lists First Tesco Anchored Shopping Center for $20,425,000
Hanley Investment Group has the exclusive listing to market for sale the first U.S. Tesco anchored shopping center in Las Vegas, Nevada. Asking price for the center, known as Warm Springs Plaza, is $20,425,000.
“It is very exciting to have the very first Tesco anchored shopping center for sale,” said Edward Hanley, president at Hanley Investment Group. “Tesco’s commitment to invest $400 million per year in their Fresh & Easy Neighborhood Market concept in the United States over the next five years makes Warm Springs Plaza a tremendous investment opportunity. Tesco is Britain’s largest retailer and one of the top three retailers in the world, a very attractive selling point for the asset which benefits from an outstanding Las Vegas location.”
“I have received a great deal of interest already on the property,” notes Hanley. “The Tesco space was formerly occupied by a local furniture tenant. The current owner has done a great job repositioning the property, making it a very attractive, stable investment opportunity with the upside potential to increase below market rents on a number of shop space tenants in the future.”
In Covina, Calif., Hanley has also been awarded the listing for the sale of a grocery/drug anchored shopping center that includes Albertsons and Drug Emporium. The property is being marketed on a “Best Offer” basis with the deadline for offers to be submitted no later than October 19, 2007.
“Grand Covina Plaza is an exceptional value-add investment opportunity,”
In San Antonio, Texas, Hanley was awarded the listing for the sale of Ingram Square. The asking price is $7,380,000 representing an 8.0% cap rate.
“At an 8% cap and $75 per square foot, Ingram Square is a tremendous investment opportunity in a central location in San Antonio,” says Hanley. “Ingram Square has excellent freeway visibility and is situated in a very strong retail trade area adjacent to the Ingram Square Mall. With 14% vacancy, a prospective investor has the ability to lease up the remaining vacant space and achieve over a double digit return.”
In the Inland Empire region of Southern California, Hanley Investment Group was recently awarded three listings. Eric L. Werner has listed for sale a portion of Wolf Store Retail Park in Temecula. The asking price is $5,750,000.
Kevin T. Fryman and Bryan Land have listed for sale a portion of Archibald’s Plaza in Ontario. The asking price is $7,455,000.
Also in the Inland Empire, Cameron Rafati has listed a Starbucks anchored retail center in Victorville. The asking price is $4,260,000.
Hanley notes that the company has closed $170 million so far this year and currently has more than $175 million in retail properties currently listed for sale. “It has been a very good year so far for the company,” says Hanley. “We had one of our best years in 2006 and we have already surpassed our 2006 results to date. We have had the opportunity to work with a wide array of clients on some great assignments. We have also been fortunate to add some tremendous talent to our organization that has generated many outstanding opportunities.”
“The retail investment market has been very good to us this year,” says Hanley. “With the recent capital market challenges, it has been more difficult to consummate deals in the last two to four months, but we have been successful in overcoming various obstacles in the market to close many transactions. Investors are being cautious about overpaying for properties and believe cap rates will no longer compress. However, there is still a healthy demand for quality retail properties and we are optimistic the retail market will remain strong moving into 2008.”
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 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. For more information, visit www.hanleyinvestment.com or call (949) 585-7610.
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Edward B. Hanley
Hanley Investment Group
Real Estate Advisors
2569 McCabe Way, Suite 100
Irvine, California 92614