PRZOOM - /newswire/ -
Chino, CA, United States, 2010/01/18 - Edward B. Hanley and William B. Asher of Hanley Investment Group, along with Phil Berry of Commercial West, represented the seller in the sale of two NNN pad buildings in Chino, Calif., for a total consideration of $5,850,000.
Hanley Investment Group Real Estate Advisors, one of the dominant retail investment groups in Southern California and a market leader in the sale of retail properties, announced today that Edward B. Hanley and William B. Asher of Hanley Investment Group, along with Phil Berry of Commercial West Brokerage, Inc. of Corona del Mar, Calif., represented the seller, Euclid Plaza, LLC of Palm Desert, Calif., in the sale of two NNN pad buildings in Chino, Calif., for a total consideration of $5,850,000.
The pad buildings are located within Stater Bros. Plaza, a community shopping center located at the southwest corner of Schaefer Avenue and Euclid Avenue and anchored by Stater Bros. The center also includes notable tenants Carl’s Jr., Chase Bank, Juice It Up, Fantastic Sams, Pacific Dental and Subway.
The first pad building sold at Stater Bros. Plaza was a single-tenant, 4,400-square-foot free-standing building leased to Pacific Dental. Built in 2008, the building sits on a 0.59-acre parcel at 6961 Schaefer Avenue within the Stater Bros. Plaza. The purchase price was $2,150,000, representing $489 per square foot. The buyer was a private investor from Glendale, Calif., represented by Scott Hook at Marcus & Millichap in Irvine, Calif.
The second pad building sold was a 6,276-square-foot free-standing building leased to Chase Bank and Juice It Up. Built in 2008, the building sits on a 0.75-acre parcel at 7033 Schaefer Avenue within the Stater Bros. Plaza. The purchase price was $3,700,000, representing $590 per square foot. The buyer was JMA Investment, LLC from Long Beach, Calif., represented by Mona Fang at Re/Max 2000 Realty in the City of Industry, Calif.
“The demand for single- and multi-tenant retail investments in a price range of $5,000,000 or less in southern California continues to pick up momentum,” says Edward B. Hanley, president of Hanley Investment Group. “There is a lack of supply for these types of properties right now. Demand increased in the second half of 2009 and is on track to continue in 2010.”
“Both sales represent a reoccurring theme in today’s market of private investors that are not in a 1031 exchange investing into retail properties that generate a better overall return on their money than what they would make in a savings account or CD,” says William B. Asher, managing director of Hanley Investment Group.
Asher notes the buyer of the Pacific Dental property closed all cash in 16 days, while the buyer of the Chase Bank/Juice It Up property financed the transaction.
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.