IRVINE, Calif., Aug. 29, 2012 (GLOBE NEWSWIRE) -- Hanley Investment (HI) Urban Retail Advisors, a division of Hanley Investment Group Real Estate Advisors, specializing in the sale and advisory of high profile mixed-use and urban retail properties in dynamic commercial districts across the United States, announced today that Carlos J. Lopez, President of HI Urban Retail Advisors, was recently awarded the exclusive listing to market for sale a high-profile 54,948-square-foot landmark retail development anchored by Ralphs Fresh Fare in the heart of Downtown Los Angeles. The offering is the ground-floor retail portion of the development at the intersection of 9th and Flower streets known as Market Lofts, an award-winning, high-end, mixed-use condominium development completed in 2007.
The retail property, which is 100% occupied, includes a subterranean parking garage and tenants Coffee Bean & Tea Leaf, Quiznos, Robeks, Simply Salad, Supercuts, and UPS Store. Located in the highly desirable South Park neighborhood, Lopez reports that the property enjoys exceptional strong foot traffic derived from a large weekday employment population in excess of 500,000 with 40 million square feet of Class A office buildings surrounding the project and close to the Staples Center, L.A. Live entertainment complex, and FIG at 7TH.
"The offering at Market Lofts represents an extremely rare opportunity to purchase the only full-service supermarket-anchored property in Downtown Los Angeles," said Lopez. "Ralphs Fresh Fare was the first grocery store to open in Downtown Los Angeles in over 50 years." The property is listed as a best price offering.
Also, in the South Park neighborhood, near Market Lofts, HI Urban Retail Advisors represented the buyers and sellers in the purchase of three ground floor retail developments in three Downtown Los Angeles green, luxury condominium residential towers developed by The South Group, Luma, Evo and Elleven. The sales prices could not be disclosed.
At Luma, Lopez represented the buyer and seller in the sale of its retail shops, which consisted of 6,150 square feet ground-floor retail as part of a LEED Gold certified, 263 unit, 19-story luxury condominium building at 1100 South Hope Street. Luma opened in 2007.
Lopez also represented the buyer and seller in the sale of a portion of the ground floor retail at Evo South, a LEED Silver certified 23-story, 311-unit luxury condominium building at 1155 South Grand Avenue in Los Angeles, which opened in 2008. An additional portion of the ground floor retail of the building is currently in negotiation to sell, according to Lopez.
At Elleven, Lopez represented the seller in the sale of its retail shops, which consisted of 5,158 square feet ground floor retail as part of a LEED Gold certified, 176-unit luxury, 13-story condominium building at 1111 South Grand Avenue, at the corner of 11th Street and South Grand Avenue. Elleven opened in 2006 and includes the first Starbucks to open in the South Park District of Downtown Los Angeles.
"These residential communities offer residents a great location in the heart of Downtown and their unique pedestrian-friendly and high quality, sustainable design set them apart in the marketplace," Lopez said.
"Whether they are local investors based in Southern California or from regions such as Asia, investors now understand that Downtown Los Angeles has truly evolved into a live/work/play environment such as those found in other major urban cities throughout the United States and internationally. Moreover, the future is just as bright with much anticipated development on the horizon for Downtown Los Angeles," added Lopez.
In Pasadena, Calif., Lopez recently represented the seller in the sale of a 10,583-square-foot retail building located along Pasadena's renowned South Lake Avenue Retail District. Located at 320 South Lake Avenue, the retail building is situated in the premier shopping corridor of Pasadena. The property's dynamic urban location features neighboring retailers including Macy's, Anthropologie, Williams-Sonoma, Pottery Barn Kids, Talbots, Ann Taylor, Corner Bakery, Trader Joe's, and many others. The purchase price could not be disclosed. The building was vacant at the time of sale.
The sale of the retail building at 320 South Lake Avenue is the second sale HI Urban Retail Advisors has executed along South Lake Avenue in Pasadena within the last 12 months. In November of 2011, the company executed the sale of The Commons along this renowned commercial district. The Commons is an 85,000-square-foot retail/office complex consisting of high-profile retail and office space. The retailers include notable tenants such as: Williams-Sonoma, Lemonade and Green Street Café. The sale price was $21 million.
In Old Pasadena District, HI Urban Retail Advisors has listed for sale two landmark retail buildings at 39 & 43 East Colorado Boulevard for $4,950,000. The buildings, which total 7,200 square feet, are 100% leased. The most recent building to sell along Colorado Boulevard in Old Pasadena, which housed Tiffany & Co., H &M, Abercrombie & Fitch, just 2 blocks away, sold in 2006 for $37 million. Lopez negotiated the sale.
"We expect that the retail investment market, particularly well-located grocery/drug anchored shopping centers, single-tenant credit retail investments, and high-profile retail properties in commercial business districts, will continue to remain strong. Look for this demand to remain steady through 2012 as retail sales improve and the debt market becomes more active," said Ed Hanley, President of Hanley Investment Group Real Estate Advisors.
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 advisory 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.
About HI Urban Retail Advisors
HI Urban Retail Advisors is a retail investment division of Hanley Investment Group Real Estate Advisors specializing in the sale and advisory of high profile mixed-use and urban retail properties in dynamic commercial districts across the United States. Built on unsurpassed dedication and an impressive track record of performance and results, HI Urban Retail Advisors consistently exceeds client expectations through its unparalleled, comprehensive knowledge of urban retail from a national and global perspective.
Whether it is situated in a well-located, dynamic commercial district, or in conjunction with a mixed-use project, urban retail is a very specific product type within the overall retail marketplace. HI Urban Retail Advisors guides clients in attaining the highest returns through its exceptional experience and responsive team that thoroughly comprehends this unique and growing market segment. HI Urban Retail Advisors utilizes its innovative expertise to lead property owners through complex issues relating to land use and the progressive revitalization of high density urban areas to effectively help clients understand the significant characteristics of each urban retail asset and its optimum positioning and value.
HI Urban Retail Advisors works closely with investors to develop and maintain long-term relationships and has successfully accumulated a highly targeted database of mixed-use and urban retail property investors and owners from every major urban market in the country that is unmatched in the industry. HI Urban Retail Advisors' concentrated expertise and exclusive focus on mixed-use and urban retail properties translate into measurable results and is the reason that clients rely on HI Urban Retail Advisors to be the most dependable source for valuation services, market information and urban retail investment sales. For more information, visit the Company's website at www.hiurbanretail.com or call (949) 585-7610.