IRVINE, Calif., Aug. 27, 2012 (GLOBE NEWSWIRE) -- 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 in the last 120 days, Hanley Investment Group has negotiated more than $120 million in retail property transactions. The transactions represent a variety of properties types that Hanley Investment Group handle including grocery-anchored, multi-tenant and single-tenant properties. Many of the sales were at record breaking cap rates and sales price per square foot, further cementing Hanley Investment Group's role as a leader in the sale of retail properties.
Additionally, HI Urban Retail Advisors, a division of Hanley Investment Group that specializes in the sale and advisory of high profile mixed-use and urban retail properties in dynamic commercial districts across the United States, was recently awarded the exclusive listing to market for sale the retail component at The Market Lofts in Downtown Los Angeles. Anchored by Ralphs Fresh Fare, The Market Lofts features the first grocery store to locate in the downtown area in over 50 years.
Some of Hanley Investment Group's recent sales within the last 120 days include:
The Landing in Newport Beach, Calif. - Edward B. Hanley and Eric P. Wohl of Hanley Investment Group assisted with the sale of stock in the company that owned the landmark Vons Pavilions anchored shopping center in Newport Beach, Calif., in an off-market transaction. The sale price was $34,890,000, which would represent $790 per square foot on fee simple basis, the highest sale price per square foot in the last 5 years for the purchase of a grocery-anchored center in California. The 44,289-square-foot shopping center known as The Landing is situated on 3.78 acres on the popular Balboa Peninsula at the corner of 32nd Street and Balboa Boulevard in Newport Beach. Hanley Investment Group represented the unnamed buyer and Catellus was the seller.
The Marketplace in Palm Desert, Calif. - Edward B. Hanley of Hanley Investment Group represented the buyer and seller in the sale of a 96,463-square-foot grocery-anchored shopping center known as The Marketplace at Palm Desert. Situated on 12.40 acres at the northeast corner of Washington Street and Varner Road at 78206 Varner Road in Palm Desert, Calif., directly adjacent to the popular Sun City retirement community, the center is anchored by Stater Bros. and Walgreens. The property, which has immediate access to the I-10 freeway, was 90% occupied at the time of the sale and included two undeveloped pads. The sale price was $22,850,000. The seller was The Rinker Company of Newport Beach, Calif. The buyer was Marketplace LP of Orange, Calif.
Seabridge Marketplace I in Oxnard, Calif. - Edward B. Hanley of Hanley Investment Group represented the buyer and seller in the sale of a 91,631-square-foot grocery-anchored shopping center known as Seabridge Marketplace, located at 3900-3966 Tradewinds Drive and 1201-1267 S. Victoria Drive in Oxnard, Calif. Situated at the Channel Islands Harbor in the award-winning Seabridge master planned community, Seabridge Marketplace is anchored by Vons. The property, which is situated on approximately 12 acres, was built in November 2006 and was 91% occupied at the time of sale. The seller was K &G/Seabridge I LLC, a developer based in Dana Point, Calif. The buyer was Retail Opportunity Investments Corp. (ROIC), a REIT and owner/manager of necessity-based retail properties based in San Diego, Calif. The sale price could not be disclosed.
Shoppers Square in Reno, NV - William B. Asher and Patrick G. Kent of Hanley Investment Group represented the seller in the sale of a portion of Shoppers Square, a 50,300-square-foot grocery-anchored shopping center located at 355 & 365 Plumb Lane on 4.45 acres in Reno, NV. Tenants included Smart & Final Extra! and Staples. Built in 2009, the sale was one of the larger retail properties to trade hands in the Reno market (so far) in 2012.
Walgreens in Victorville, Calif. - William B. Asher and Patrick G. Kent of Hanley Investment Group represented the seller in the sale of a single-tenant Walgreens at 15318 Roy Rogers Drive in Victorville, Calif. Located on a 1.31-acre parcel of land, the 14,740-square-foot freestanding building, which is leased to Walgreens for an initial 25-year lease term with ten 5-year options, was built in 2011 and is a part of Desert Sun Plaza, which is anchored by Winco Foods. Hanley Investment Group procured an all cash buyer that closed escrow in approximately 2 weeks. The purchase price, which could not be disclosed, represented a record low cap rate of 5.69%, the lowest cap rate for a single-tenant Walgreens in Southern California since 2008. This transaction represented the 7th single-tenant Walgreens in southern California that Hanley Investment Group has sold in the last year; the most by any brokerage company in southern California in 2011-2012.
CVS/pharmacy in Fresno, Calif. - Eric P. Wohl of Hanley Investment Group represented the seller in the sale of a single-tenant NNN CVS/pharmacy ground lease located at Mission Village, 4987 North Fresno Street in Fresno, Calif. Built in 2010, the 11,800-square-foot CVS/pharmacy with a double drive-thru is located on 1.27 acres. There are 23 years remaining on the primary lease term. The ground lease sold for $5,240,000, representing a record low cap rate of 5.25% for a single-tenant drug store in California in 2012.
Bank of America in Lancaster, Calif. - Kevin T. Fryman and Edward B. Hanley represented the seller in the sale of a 4,808-square-foot single-tenant NNN Bank of America ground lease located at 1028 W. Avenue K in Lancaster, Calif., at the entrance to a large regional shopping center that is anchored by Target, 24 Hour Fitness, Big Lots and Ross. Hanley Investment Group procured multiple offers. The buyer paid all cash in a 1031 exchange. The sale price, which could not be disclosed, represented the lowest cap rate in 2012 for a single-tenant NNN Bank of America sold in California. Last year, Fryman sold a single-tenant NNN Bank of America ground lease in Palm Desert, which was also garnered a record low cap rate for the California market for a Bank of America in 2011.
"In the last 12 months, we have set multiple records for the lowest capitalization rates for both Walgreens and CVS deals in California," said Eric P. Wohl, president of HIG NNN, a division of Hanley Investment Group. "Our ability to match California investors with out-of-state net lease properties has also allowed us to generate remarkable prices that are usually significantly higher than hiring a local area broker."
"The demand for single-tenant credit retail investments remains one of the most sought after investments in today's market," said Wohl.
According to Hanley, "It has been a great year for us so far. We have amassed a great inventory of high quality investment property for the smaller investors to the large institutional investors. We have numerous properties in escrow including several direct, off-market deals and are confident that 2012 will be one of our top performing years for Hanley Investment Group."
"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 Hanley.
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.
Photos accompanying this release are available at:
http://www.globenewswire.com/newsroom/prs/?pkgid=14342
