Sale represents a record for lowest cap rate and highest price per foot for a multi-tenant retail building shadow-anchored by Walmart in California
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, announced today that Executive Vice President Eric Wohl negotiated the sale of a 6,786-square-foot multi-tenant retail pad to a new Walmart Supercenter in Ontario, Calif. The sale price of $5,968,800, representing a cap rate of 5.02% and $880 per square foot, achieves a record low cap rate and the highest price per square foot for a multi-tenant pad building shadow anchored by Walmart in California, according to CoStar.
Wohl represented the seller, Pacific Development Group based in Newport Beach, Calif. Joong-In (James) Kwon with Coldwell Banker Best Realty in Fullerton, Calif. represented the buyer, a private investor based in Irvine, Calif. Pacific Development Group is known as one of the preeminent shopping centers developers in California and has been responsible for the development of over 300 shopping centers ranging from small strips centers to large one million-square-foot community shopping centers.
About Pacific Development Group
Founded in 1980, Pacific Development Group and its partners currently own and manage over three million square feet of commercial buildings with approximately 600 tenants with a value in excess of one billion dollars. These properties are located throughout California and consist primarily of major tenant anchored shopping centers.
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.