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 the firm is now marketing for sale a portfolio of four shopping centers in southern California in Hawaiian Gardens, Lancaster, Mission Viejo and Oxnard. Consisting of approximately 513,070 total square feet, the four properties are offered for sale unpriced and can be purchased individually or as a portfolio.
“It’s a unique and exciting retail investment opportunity in today’s market,” said Edward B. Hanley, president of Hanley Investment Group. “In a time where a majority of investors are seeking shopping centers with a value-add component, specifically southern California, this portfolio offers a rare opportunity to acquire four extremely well located shopping centers that all contain upside potential to increase rents and lease-up existing vacancy.”
“These types of retail assets with some form of a value-add component are highly sought-after in today’s market,” adds Hanley. “Even though the supply of available properties on the market has appeared to increase in the last couple of months, we believe this portfolio will gain a lot of interest based on the lack of similar retail properties available in southern California and the steady demand of pent-up capital starving for retail properties with upside.”
The portfolio consists of two centers in Los Angeles County. The largest in the offering known as Lancaster Commerce Center is a 290,428-square-foot shopping center anchored by Target (not a part of offering) located in Lancaster, Calif. Built in 1988, Lancaster Commerce Center is strategically located at the Avenue K on/off ramp to the Antelope Valley Freeway (State Route 14), which is a busy commuter freeway connecting Lancaster to the nearby Greater Los Angeles area. The shopping center is situated on 20.70-acres and is currently 81 percent occupied. Approximately 64 percent of the occupied square footage is leased to national credit tenants including Big 5 Sporting Goods, Factory 2-U, Kaiser Foundation Health, Ross Dress for Less, The Salvation Army, AAA Automobile Club of Southern California, and Aaron’s Rents. National tenants that are not a part of the offering but a part of the shopping center include Target, Big Lots, 24 Hour Fitness, Bank of America, Chase Bank, Kentucky Fried Chicken, McDonald’s and O’Reilly Auto Parts.
The other Los Angeles County offering is Hawaiian Gardens Town Center, a 78,815-square-foot grocery anchored shopping center located in Hawaiian Gardens, Calif. Anchored by PriceRite Grocery (not a part of the offering), Hawaiian Gardens Town Center is situated at Carson Street and Norwalk Boulevard, the dominant signalized intersection in Hawaiian Gardens. Built in 1988, the property is situated on 5.59-acres and is 57 percent occupied. Tenants that are a part of the offering include Check ‘n Go, Herbalife, Liberty Tax Service, Metro PCS, O’Reilly Auto Parts, Rent-A-Center and Soccer Central. National tenants that are not a part of the offering but a part of the shopping center include Alberto’s Mexican Restaurant, Econo Lube n’ Tune, Jack in the Box and Wienerschnitzel.
In Orange County, Oaktree Village is a 79,406-square-foot grocery anchored shopping center located within the 10,300-acre master planned community of Mission Viejo, Calif. Located one mile from Interstate 5 on Los Alisos Boulevard, Oaktree Village is strategically surrounded by over 500,000 square feet of office, industrial, and flex space. Built in 1988 and remodeled in 2010, Oaktree Village is situated on 4.84-acres and is currently 71 percent occupied. Tenants that are a part of the offering include 24 Hour Fitness, Mission Ranch Market Grocery Store and the County of Orange.
Lastly in Ventura County, Vineyard Plaza is a 64,421-square-foot multi-tenant retail center situated at the signalized hard corner of North Oxnard Boulevard (Pacific Coast Highway) and Vineyard Avenue in Oxnard, Calif. Built in 1990 and remodeled in 2004, the shopping center is situated on 5.47-acres and is located only a ½ mile from Highway 101. Vineyard Plaza is currently 71 percent occupied and includes the following tenants: Big 5 Sporting Goods, US Bank, Carl’s Jr. (not a part of the offering), Circle K, US Armed Forces, Advanced America, El Portal Mexican Grill, H&R Block, Kampai Teppan/Sushi, Scottrade, State Farm Insurance and Waba Grill.
Hanley Investment Group’s team of Edward B. Hanley, Kevin T. Fryman, William B. Asher and Eric P. Wohl are representing the seller, a partnership between a private fund managed by Urdang Capital Management, Inc., based in Plymouth Meeting, Pennsylvania, and Cadence Capital Investments out of Greenwood Village, Colorado.
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 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.