PRZOOM - /newswire/ -
Newport Beach, CA, United States, 2010/01/18 - Edward B. Hanley and William B. Asher of Hanley Investment Group represented the buyer and seller in the sale of a single-tenant PETCO in Denver, CO. The purchase price was $7,800,000. Built in 1993, PETCO occupies a 23,057 SF building.
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 of Hanley Investment Group represented the buyer and seller in the sale of a single-tenant PETCO in Denver, CO. The purchase price was $7,800,000.
The property is located at 4100 E. Mexico Avenue in Denver, and is situated within a community shopping center anchored by Best Buy. Other notable tenants in the center include DSW, Ross and Village Inn. Built in 1993, PETCO occupies a 23,057-square-foot building on a 1.4-acre parcel of land.
"The property is situated at one of the most high traffic retail locations in Denver," said Edward B. Hanley, president of Hanley Investment Group Real Estate Advisors. "The buyer acquired an asset with a new 15-year lease that included rental increases every five years."
"We completed the entire deal from start to finish in two weeks, including a three-day escrow," said William B. Asher, managing director at Hanley Investment Group. "We were able to close the transaction quickly due to seller financing, which has become a more frequently utilized method to transact deals; a sign of the times given the challenges in obtaining traditional financing in today's market."
Asher adds, "The seller's ability to provide financing was the key to being able to close the transaction and satisfy a 1033 exchange requirement for the buyer."
The buyer was a private investor based in San Diego, Calif. The seller was Denver Mexico HAH, LLC based in Beverly Hills, Calif.
About Hanley Investment Group Real Estate Advisors
Built on a solid foundation of performance, integrity and dedication, Hanley Investment Group Real Estate Advisors (hanleyinvestment.com) 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 or call (949) 585-7610.