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Hanley Investment Group Sells Shopping Center in Riverside County, CA for $9,950,000, $397 psf
Hanley Investment Group Real represented the seller in the sale of Newport Crossing, a 25,049 SF shopping center in Riverside County in Menifee, CA. The purchase price was $9,950,000, representing $397 per square foot.
"Transactions are becoming increasingly more difficult to close in today’s environment,"
"Some of the challenges we worked through during escrow included a 3,215-square-
"The existing loan was a significant selling point, especially given current comparable financing available in today’s market," said Hanley. "The buyer assumed a loan that featured an extremely attractive loan-to-value along with an interest rate of 5.61 percent."
"Overall buyers continue to focus on properties that are very well located," said Hanley. "Newport Crossing was a prime example; situated at a signalized high profile intersection with an average daily traffic count of 80,000 cars per day."
Hanley adds, "We are closing deals. It is a difficult environment right now and we are getting it done. It is important that buyers and sellers are working with experienced and qualified investment advisors with the forethought to anticipate obstacles and pitfalls during escrow, and develop immediate resolutions to get transactions closed in a timely manner."
The buyer, Arya Investments, LLC from Los Angeles, Calif., was represented by Mariko Beaver at Venture Real Estate Group and Kandice Thayer at First Team Real Estate, both based in Irvine, Calif. The seller was Newport Murrieta Partners, LLC from Santa Monica, 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.