IRVINE, CA – April 30, 2013 – (RealEstateRama) — 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 Carlos Lopez represented the seller in the sale of Cornet Plaza, a 26,538-square-foot REO multi-tenant strip center in Henderson, Nev. The purchase price was $2,400,000, which represents $90 per square foot.
Cornet Plaza is located at 771 E. Horizon Drive in Henderson. Built in 2006, the center is situated on 3.42 acres and consists of the following tenants: Papa John’s Pizza, Hammer’s Grill & Bar, Aqua Salon & Horizon Sun Tanning, B Sharp Dance School, Capriotti’s Sandwich Shop, Cox & Gallacher Karate and Mom’s Cleaners. The property was 51% occupied at the time of sale and included a buildable pad.
“Cornet Plaza was indicative of the commercial real estate market,” said Lopez, a senior vice president at Hanley Investment Group. “A lack in supply of true ‘distress/REO assets’ in the marketplace created a high level of activity from prospective purchasers. Cornett Plaza was nearly 50% occupied at the time of sale.”
The buyer, Cliffwood Capital of Los Angeles, Calif., was represented by James J. Mitterlehner of American Realty Group LLC of Las Vegas, Nev. The seller was a private insurance company based in Cedar Rapids, Iowa.
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.