HESLIN BECKER PROPERTIES COMPLETES REDEVELOPMENT AND $8.1 MILLION SALE OF NEW WALGREENS IN LOS ANGELES COUNTY
Downey, CA – February 13, 2012 – (RealEstateRama) — Heslin Becker Properties, a privately owned retail real estate investment and development firm, has completed the re-development and $8.1 million sale of a new Walgreens in Downey, Calif.
The property, an unoccupied industrial park and a free-standing outparcel located at 8030 Imperial Highway in Downey, was acquired by Heslin Becker Properties in April 2010. The company demolished the existing industrial structures and constructed the new Walgreens prior to selling it, according to Matthew J. Heslin, CEO of Heslin Becker Properties.
The Walgreens was acquired by Downey Property Investments, LLC. Heslin Becker will retain and re-tenant the free-standing outparcel building.
“The redevelopment and sale of this asset was a collaborative effort between ourselves, Evergreen Development Company and the City of Downey,” noted Heslin. “We continue to acquire and develop, or redevelop opportunistically, and monetize those assets where our cash can be quickly and effectively redeployed at high rates of return.”
Casey McKeon, Vice President of Acquisitions, was responsible for the acquisition, and noted that the property was a high profile redevelopment project for the City of Downey.
“We essentially revitalized a prime retail intersection which long suffered blight and turned it into a productive, aesthetically pleasing center for the residents of Downey,” added McKeon.
Heslin Becker Properties is expanding its efforts to redeploy assets and continually grow and improve upon its asset base in Southern California, according to Heslin. The sale of this Walgreens comes on the heels of the company’s recent redevelopment and $8.5 million sale of a Smart and Final in Stanton, Calif.
As part of its continued redeployment of assets, Heslin Becker recently announced its acquisition of a prime hard corner retail property located at Crenshaw and Century Boulevard in Inglewood, Calif., on which the company will develop a new retail shopping center.
About Heslin Becker Properties
Heslin Becker Properties is a privately owned and operated investment and development company located in Seal Beach, Calif. with satellite offices in San Diego and Los Angeles. The company specializes in the acquisition and development of retail portfolios and properties throughout the Western U.S. More information is available at www.heslinbecker.com.
Contact:
Jenn Quader / Judith Brower
Brower, Miller & Cole
(949) 955-7940
jquader (at) browermillercole (dot) com
