Hanley Investment Group Sells Multi-Tenant Retail Building within Lowe’s Anchored Center in Ontario, Calif.
1031 Exchange Buyer Purchases for 7.35% Cap Rate
IRVINE, CA – May 5, 2011 – (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 Edward B. Hanley and William B. Asher represented the seller in the sale of a 7,866-square-foot multi-tenant retail building within a Lowe’s anchored shopping center in Ontario, Calif. The purchase price was not disclosed.
Situated within The Marketplace on Grove, the property is located at 2220 S. Grove Avenue in Ontario. Built in 2007, the freestanding building is situated on a 0.84-acre parcel of land. Tenants include AT&T, Qdoba Mexican Grill and Wabi Sabi Sushi & Teppan. The building was 100% occupied at the time of sale. Co-tenants not a part of the sale within the shopping center include Lowe’s, Blimpie, El Pollo Loco, Juice It Up, McDonald’s, Panda Express, RedBrick Pizza, SportClips and US Bank.
“The demand from investors seeking quality multi-tenant retail investments in southern California continues to gain momentum in 2011. The sale of the Ontario property is a prime example that was driven by the strength of location, tenant mix and co-tenants within the shopping center,” said William B. Asher, managing director at Hanley Investment Group Real Estate Advisors.
“We are very optimistic about the retail investment sales market for the remainder of the year,” said Edward B. Hanley, president of Hanley Investment Group Real Estate Advisors. “The first quarter 2011 was one of the most active we have seen in a number of years. We have sold or put into escrow 30 properties in the past 120 days totaling approximately $200 million.”
The buyer, Crystal Cal No. 1, LLC of Los Angeles, Calif., was represented by Stephen Chan of G.E. Property Management, Inc., in Alhambra, Calif. The seller was NMC Grove Ontario, LLC of Woodland Hills, Calif. The purchase was to fulfill a 1031 Exchange.
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.
