Investors still seeking a flight to quality in all markets across the U.S.
CORONA DEL MAR, CALIF. – (RealEstateRama) — Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, in conjunction with Coldwell Banker DuFour Realty, announced today that the two firms completed the sale of a new construction single-tenant net-leased retail property occupied by ULTA Beauty at 2068 Dr. Martin Luther King Jr. Parkway in Chico, Calif. The sales price could not be disclosed.
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Hanley Investment Group Executive Vice President Bill Asher, along with Mike Donnelly at Coldwell Banker DuFour Realty of Chico, Calif., represented the seller, Kitchell Development Company’s office in Del Mar, Calif. Cushman & Wakefield Senior Vice President Scott Borgia represented the buyer, Bay Area Properties from Santa Clara, Calif.
Newly built and completed in late 2016, the 10,055-square-foot building leased to ULTA Beauty is situated on a 1.17-acre parcel shadow-anchored by Costco and adjacent to Sierra Nevada Brewing Company, one of the largest breweries in the U.S.
Hanley Investment Group procured an all-cash 1031 exchange buyer and structured a 30-day escrow with ULTA opening for business just a few weeks prior to closing. “We generated multiple offers in the initial 30 days of marketing, prior to ULTA opening for business, demonstrating that a flight to quality is what investors continue to seek in today’s retail investment market,” said Asher.
Asher continues, “It was clear the location of the building being positioned in front of a successful Costco was a key selling point, along with the city of Chico being ranked #1 in Forbes Magazine’s ‘Best Places in America.’ However, it was important to note the overall strength of ULTA Beauty as a tenant was an important driver. ULTA Beauty is a publicly-traded Fortune 1000 company, with over 900 location across the U.S. and an excellent track record. ULTA Beauty’s sales revenue has increased 121 percent since 2011 to $3.9 billion as of 2015.”
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a retail investment advisory firm with a $5 billion transaction track record nationwide, who works closely with individual investors, lending institutions, developers, and institutional property owners in every facet of the transaction to ensure that the highest value is achieved. For more information, visit www.hanleyinvestment.com.