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Hanley Investment Group Negotiates Sale of Grocery-Anchored Shopping Center in Corona for $28.6 Million

Institutional Demand is Still Strong for Grocery-Anchored Retail Centers

CORONA, 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 the firm completed the sale of Sierra Del Oro Towne Centre, a 110,004-square-foot Ralphs grocery-anchored shopping center located at the signalized intersection of Green River Road and Serfas Club Drive in Corona, Calif. The purchase price was $28.6 million. According to CoStar, this is the second grocery-anchored property to trade in the Inland Empire in the last 24 months.

Hanley Investment Group Executive Vice President Pat Kent, along with President Ed Hanley and Senior Associate Corey Olson, represented the seller, Cornerstone Development Partners of Irvine, Calif. The buyer, Phillips Edison & Company of Cincinnati, Ohio, represented themselves.

Built in 1991, Sierra Del Oro Towne Centre shopping center is located on 11 acres at 2621-2721 Green River Road in Corona. Tenants include Ralphs, Dollar Tree, Anytime Fitness, Bank of America, Jack in the Box, Domino’s Pizza, Children’s Montessori Center, Kumon Math and Reading Center, Mercury Insurance and Postal Annex. The shopping center was 94 percent occupied with strong historical tenants and anchors. According to Hanley Investment Group, 88 percent of the current tenancy has occupied space at the property for more than five years and 70 percent of the current tenancy has occupied space for over 10 years.

Hanley Investment Group has several grocery-anchored shopping centers listed for sale. “Buyers are willing to look in both primary and secondary markets outside of California in search of higher returns and more inventory,” Hanley noted.

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Hanley Investment Group

Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with an $8.3 billion transaction track record that specializes in the sale of retail properties nationwide. Our expertise, proven track record, and unwavering dedication to putting clients' needs first, sets us apart in the industry.

Hanley Investment Group creates value by delivering exceptional results through the use of property-specific marketing strategies, cutting-edge technology, and local market knowledge. Our nationwide relationships with investors, developers, institutions, franchisees, brokers, and 1031 exchange buyers are unparalleled in the industry, translating into maximum exposure and pricing for each property. With unmatched service, Hanley Investment Group has redefined the experience of selling retail investment properties.

Contact:
Phone: (949) 585-7610