Hanley Brown Group Represents Seller in $1,825,000 Sale of Multi-Tenant Auto Center in Reseda, CA
Hanley Brown Group Real Estate Advisors, one of the most dominant retail investment groups in Southern California and a market leader in the sale of retail properties, announced today Edward B. Hanley and Kevin T. Fryman of Hanley Brown Group represented the seller in the $1,825,000 sale of a 19,986-square-foot auto center, multi-tenant auto center at 7444-7448 Reseda Boulevard in Reseda, Calif. Built in 1986, the center is 100% occupied and features 13 local tenants including a prominent billboard sign. The buyer acquired the leasehold interest in the property with 35 years remaining on the ground lease.
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March 14, 2007 (FPRC) -- IRVINE, CALIF. - Hanley Brown Group Real Estate Advisors, one of the most dominant retail investment groups in Southern California and a market leader in the sale of retail properties, announced today Edward B. Hanley and Kevin T. Fryman of Hanley Brown Group represented the seller in the sale of a multi-tenant auto center at 7444-7448 Reseda Boulevard in Reseda, Calif. The purchase price was $1,825,000.
The 19,986-square-foot auto center, known as Reseda Auto Center, is located on the highly traveled thoroughfare of Reseda Boulevard, just north of Sherman Way, in the City of Reseda in the heart of the San Fernando Valley. Built in 1986, the center is 100% occupied and features 13 local tenants including a prominent billboard sign. The buyer acquired the leasehold interest in the property with 35 years remaining on the ground lease.
“The buyer purchased a well-established leasehold investment that featured long-term historical occupancy with the ability to raise below market rents and convert gross leases to NNN,” says Kevin Fryman, senior associate at Hanley Brown Group. “The sale was challenging as a leasehold investment and we were able to successfully close escrow and get top dollar for the seller while satisfying the buyer’s 1031 exchange and return requirement.”
The buyer, a private investor from San Francisco, Calif., was represented by John Kim of Realty Associates in San Francisco, Calif. The seller was MG Development from Woodland Hills, Calif.
Built on a solid foundation of performance, integrity and dedication, Hanley Brown Group Real Estate Advisors is a boutique retail investment advisory firm with a $900 million transaction track record that is comprised of innovative specialists delivering unparalleled service and superior results that consistently exceed client expectations. Hanley Brown 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 Brown 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 Brown 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.hanleybrown.com or call (949) 585-7610.
Kevin T. Fryman
Hanley Brown Group
Real Estate Advisors
2569 McCabe Way, Suite 100
Irvine, California 92614
949.585.7674
kevin.fryman@hanleybrown.com
www.hanleybrown.com
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Send an email to Anne Monaghan of Monaghan Communications
949-722-2933
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Hanley Brown Group, investment brokerage, Kevin Fryman |
