Located at 13647 Victory Boulevard in Van Nuys, the 13,337-square-foot shopping center sits on .54 acres. The building, which was built in 1986 and has 11 suites, is currently occupied by tenants such as Ace Cash Express and Little Caesars. The property was 90% occupied at the time of sale. The buyer and seller are both private investors based in Southern California.
“This sale is a record cap rate for a retail transaction in the city of Van Nuys in over 5 years,” said Jonathan Selznick, vice president of Hanley Investment Group. “This speaks to both the increased demand for multi-tenant product and to the fact that investors will pay premium prices for well-located, core Southern California locations.”
“I believe there are some more passive/conservative investors who would ordinarily be candidates for single-tenant NNN lease investments who are now willing to accept the increased management responsibilities that come with a multi-tenant investment but are not willing to buy that 4% cap single-tenant deal that we’ve been seeing so frequently in the market and achieve a slightly higher return for doing so,” said Selznick.
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 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.