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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.
William B. Asher and Patrick G. Kent represented the seller in the sale of Marketplace on Hamner, a 12,835-square-
“Buyer demand continues to outweigh supply of quality multi-tenant stabilized retail investments in southern California,”
“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,”
“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,”
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-
“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.