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Follow on Google News | Hanley Investment Group Negotiates Sale of Two Single-Tenant Bank Properties for $12.5 MillionAchieves Record-Breaking Cap Rate for Chase Bank Ground Lease
By: Hanley Investment Group Real Estate Advisors In Culver City, Calif., Hanley Investment Group represented both the buyer and seller in the sale of a single-tenant NNN Wells Fargo Bank at 10011 Washington Boulevard, located directly across the street from the headquarters of Sony Pictures Entertainment Studios. Wells Fargo occupies an 8,247-square- Hanley Investment Group's Managing Director William B. Asher and Senior Vice President Patrick G. Kent represented the buyer, a private investment group based in Los Angeles. Jeremy S. McChesney, a senior vice president with Hanley Investment Group, represented the seller, Bershon Realty Company of Los Angeles. According to McChesney, "We had multiple all cash offers on the property with several close to list price. This is a testament to the value of the location and the strength of the tenant. Even with a shorter lease term, investors recognized the property as an outstanding opportunity to purchase a well located West Los Angeles investment." In Laguna Hills, Calif., Hanley Investment Group represented the seller in the sale of a NNN ground lease occupied by a single-tenant Chase Bank at 24799 Alicia Parkway. Built in 2013, the 4,415-square- "We generated over 30 offers in the first two days of marketing the property - five of which were at full asking price.The buyer opened escrow with no contingencies at $60,000 above asking price and closed escrow upon receipt of the tenant estoppel," said Selznick. "According to our research, this is the lowest cap rate for a brand new Chase Bank ground lease in the country in recent years. It is a testament to the premium location in highly-coveted South Orange County, and unprecedented cap rate compression due to current supply and demand, and alternative investment drivers," added Selznick. According to Asher, "This will be another momentous year in the industry. The retail investment market has recovered to a point in what could be described as a perfect storm of historic low interest rates, scarcity of product, and record high investor demand. It’s really fostering premiums paid on retail investments as a whole that we didn’t see in the last height of the market between 2005-2007." He adds, "The overall velocity of transactions may not be at the rapid pace of the last peak of the cycle, but lower vacancy, sustainable and increasing rental rates, along with select retail tenant growth and expansion, are metrics fueling investor confidence." 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 $4+ billion 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 clients' 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 ensure 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. End
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