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Hanley Investment Group Sells Two Grocery-Anchored Shopping Centers in Southern California - Edward B. Hanley of Hanley Investment Group represented the buyers and sellers in the purchase of two grocery-anchored shopping centers in So. Calif., Marketplace [.] Palm Desert and Seabridge Marketplace in Oxnard, representing nearly 190,000 sq. ft
Hanley Investment Group Sells Two Grocery-Anchored Shopping Centers in Southern California

 

PRZOOM - /newswire/ - Irvine, CA, United States, 2012/06/15 - Edward B. Hanley of Hanley Investment Group represented the buyers and sellers in the purchase of two grocery-anchored shopping centers in So. Calif., Marketplace [.] Palm Desert and Seabridge Marketplace in Oxnard, representing nearly 190,000 sq. ft.

   
 
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Hanley Investment Group Real Estate Advisors, one of the most dominant retail investment groups and a market leader in the sale of retail properties, announced today that Edward B. Hanley of Hanley Investment Group represented the buyers and sellers in the purchase of two grocery-anchored shopping centers in Southern California. The sale of these two necessity-based shopping centers, Marketplace at Palm Desert and Seabridge Marketplace, represent nearly 190,000 square feet.

Situated on 12.40 acres, the 96,463-square-foot shopping center known as The Marketplace at Palm Desert is located at 78206 Varner Road in Palm Desert, Calif. Located at the northeast corner of Washington Street and Varner Road, directly adjacent to the popular Sun City retirement community, the property is anchored by Stater Bros. and Walgreens. Other notable tenants located at the shopping center include True Value Hardware, El Paseo Bank, Mario’s Italian Café, Postal Annex. The property, which has immediate access to the I-10 freeway, was 90% occupied at the time of 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.

“The Marketplace at Palm Desert was sought after by a multitude of investors due to its grocery and drug store anchored component in addition to the potential upside the property offered with leasing the remaining 10% of vacancy and two undeveloped pads,” said Edward Hanley, president at Hanley Investment Group. "We are seeing investment sales activity increase in the Coachella Valley as investors take advantage of low interest rates and improving leasing conditions."

Seabridge Marketplace I in Oxnard is a 91,631-square-foot community shopping center located at the Channel Islands Harbor in the award-winning Seabridge Master Planned Community developed by D.R. Horton. Seabridge Marketplace is anchored by Vons and includes Chase Bank, Round Table Pizza, Jersey Mike's Subs, UPS Store, and Coffee Bean & Tea Leaf. The property, which is situated on approximately 12 acres at 3900-3966 Tradewinds Drive and 1201-1267 S. Victoria Drive Oxnard, was completed in November 2006 and was 91% occupied at the time of sale. The sale price could not be disclosed.

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.

"One of the most active shopping-center investors in California, ROIC plans to lease the remaining available space quickly," Hanley noted. Early last year, Hanley represented ROIC (and the seller) in the purchase of Gateway Village, a 96,959-square-foot grocery-anchored shopping center in Chino Hills, Calif., for $34 million.

“This was an off-the-market transaction brought about by the need to extract the ownership from a very difficult lender. From start to finish, we closed in 7 days," Hanley said.

"The sale of Seabridge Marketplace is a very good indicator that the retail investment market, particularly the grocery/drug anchored shopping centers, remains 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 two 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.

 
 
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Hanley Investment Group Sells Two Grocery-Anchored Shopping Centers in Southern California

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