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Follow on Google News | Hanley Investment Group Reps Buyer & Seller in $12 Mil Sale of Kroger Anchored CenterKevin Fryman of Hanley Investment Group Real Estate Advisors represented the buyer and seller in the sale of a Kroger anchored shopping center at 950 Herrington Drive in Lawrenceville, GA. Sale price was $12,015,000, representing a 6.74% cap rate.
By: Anne Monaghan / Monaghan Communications The 81,666-square- “We generated 10 offers on the property in the first two weeks of marketing,” said Kevin Fryman, senior associate at Hanley Investment Group. “The buyer assumed an existing conduit loan that required a $2,895,000 (24 percent) down payment, which was an extremely attractive loan-to-value along with an interest rate of 5.69 percent. The favorable assumable financing triggered an abundant amount of interest combined with the strength of Kroger as the anchor tenant who represented 60 percent of the income stream and 78 percent of the total offering square footage. The buyer acquired a rare grocery anchored investment that produced an initial 10 percent cash-on-cash return.” The buyer was CA Plaza, LLC based in Los Angeles, Calif. The seller was Black Sox, LLC from Sherman Oaks, Calif. 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 advisory firm with a two 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. 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. For more information about the transaction, contact: Kevin T. Fryman Hanley Investment Group Real Estate Advisors 2030 Main Street, Suite 1650 Irvine, CA 92614 949.585.7674 kfryman@hanleyinvestment.com http://www.hanleyinvestment.com Website: www.hanleyinvestment.com End
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