Hanley Investment Group Sells Two Multi-Tenant Strip Centers in Inland Empire for Over $9 Million

Hanley Investment Group Real Estate Advisors negotiated the sale of two multi-tenant strip centers in the Inland Empire for a total consideration of more than $9 million.
Marketplace on Hamner in Norco, Calif.
Marketplace on Hamner in Norco, Calif.
April 15, 2012 - PRLog -- IRVINE, CALIF. – Hanley Investment Group Real Estate Advisors, one of the most dominant retail investment groups in the western United States and a market leader in the sale of retail properties, announced today that Hanley Investment Group negotiated the sale of two multi-tenant strip centers in the Inland Empire for a total consideration of more than $9 million. In the last 6 months, Hanley Investment Group has sold a total of 7 retail properties in the Inland Empire valued at $35 million.

William B. Asher and Patrick G. Kent represented the seller in the sale of Marketplace on Hamner, a 12,835-square-foot multi-tenant strip center in Norco, Calif. The purchase price was $5 million, representing a 7.40% capitalization rate. Marketplace on Hamner is located at 1409-1411 Hamner Avenue in Norco. Built in 2004, the property consists of two buildings situated on 1.54 acres. Tenants within the center include: Chipotle Mexican Grill, Sprint, Nutrishop, Jersey Mike's, Magic Wok, Palm Beach Tan, and Sit N’ Sleep (not a part of the sale). The property, which is adjacent to LA Fitness, was 100% occupied at the time of sale.

“Buyer demand continues to outweigh supply of quality multi-tenant stabilized retail investments in southern California,” said William B. Asher, managing director of Hanley Investment Group. “Marketplace on Hamner was on the market for a short period of time prior to us procuring an all-cash 1031 exchange buyer that closed escrow in a timely manner.”

“We were able to secure an ideal buyer for the property through Hanley Investment Group’s strategic marketing and consistent relationships with active investors and cooperating brokers in the marketplace,” said Patrick G. Kent, senior vice president of Hanley Investment Group.

“With approximately two years left on an existing CMBS loan, we were able to successfully navigate the seller and buyer through a prepayment of the existing loan through a defeasance which helped satisfy both parties’ objectives,” added Asher.

The buyer, Agins Development Corporation of Corona, CA, was represented by Woodrow Harpole of Calvert Properties in Corona, Calif. The seller was Marketplace on Hamner, LLC, of Los Angeles, Calif.

Asher and Jeremy S. McChesney represented the seller in the sale of Winston Plaza, a 34,850-square-foot multi-tenant strip center in Lake Elsinore, Calif. The purchase price was $4.3 million. Winston Plaza is located at 31762 Mission Trail in Lake Elsinore. Built in 1991, the two-building retail center is situated on 2.68 acres and consists of the following tenants: A&M Auto, Brake Masters, Carniceria Lucio, Pay Day Advance and Team Auto Aid. The property was 95% occupied at the time of sale.

“Approximately 84% of the tenancy has occupied space at the property for over 8 years or more,” said Jeremy S. McChesney, senior vice president at Hanley Investment Group. “It said a lot about the staying power of the tenants at the center; specifically getting through the past 2-3 years of the economic downturn and the property experiencing minimal vacancy during that time period.”

“It’s a diverse combination of auto, retail and office tenants in one center,” said Asher. “The buyer acquired a multi-tenant retail investment with below market rents and took advantage of today’s low interest rate financing to satisfy a 1031 exchange requirement.”  

Asher notes it’s the second transaction he and McChesney have sold in Lake Elsinore in 4 months. Asher and McChesney teamed up to sell a single-tenant Walgreens for $8,086,409 in Lake Elsinore at the end of 2011.

The buyer, Fan Family Trust, of La Habra, Calif., was represented by Richard Lee of R&L Properties-Cerritos Inc. in Corona, Calif. The seller was Palm Lake Properties, LLC in Irvine, 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 brokerage firm with a three 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.
Source:Anne Monaghan / Monaghan Communications
Email:***@monaghanpr.com Email Verified
Phone:(949) 585-7610
Tags:Hanley Investment Group, Inland Empire, Retail Real Estate Advisors, Brokerage, Acquisition, Shopping Center Sale Transaction
Industry:Real Estate, Retail, Property
Location:Irvine - California - United States
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