Hanley Brown Group and Lee & Associates Represent Buyer and Seller in $9,800,000 Sale of Hemet Neighborhood Shopping Center
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 Eric L. Werner of Hanley Brown Group and Brian Bielatowicz of Lee & Associates in Murrieta, Calif., represented the buyer and seller in the sale of a grocery/drug anchored neighborhood shopping center in Hemet, Calif. for $9,800,000. The cap rate was 5.82% and the buyer paid all cash and in 25 days. The sale included four vacant pads providing the buyer the opportunity for future commercial development.
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March 15, 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 Eric L. Werner of Hanley Brown Group and Brian Bielatowicz of Lee & Associates in Murrieta, Calif., represented the buyer and seller in the sale of a grocery/drug anchored neighborhood shopping center in Hemet, Calif. for $9,800,000. The cap rate was 5.82%.
Situated at the signalized intersection of East Florida Avenue and Ramona Expressway, Mountain View Plaza is a 54,747-square-foot multi-tenant neighborhood shopping center anchored by Stater Bros. (not a part of the sale), Longs Drugs and Blockbuster Video. The property was 100% occupied at the close of escrow. Built in 1991, Mountain View Plaza is located at the eastern end of the city of Hemet and is situated on 5.64 acres. The sale included four vacant pads providing the buyer the opportunity for future commercial development.
The buyer was Jade Enterprises, LLC from Los Angeles, Calif. The seller was Mountain View Retail, LLC based in San Diego, Calif.
“The buyer acquired a unique value add opportunity with four vacant pads ready for development in an area of Hemet underserved with retail,” says Eric Werner, senior associate at Hanley Brown Group Real Estate Advisors. “Due to the buyer's ability to pay all cash and close in 25 days, the buyer was able to close in a short time-frame and achieve their investment objectives. The buyer’s commitment to proceed quickly also allowed the seller an opportunity to realize their disposition goals while exceeding the seller’s expectations on pricing."
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.
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Eric L. Werner
Hanley Brown Group
Real Estate Advisors
2569 McCabe Way, Suite 100
Irvine, California 92614
949.585.7678
eric.werner@hanleybrown.com
www.hanleybrown.com
Send an email to Anne Monaghan of Monaghan Communications
949-722-2933
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Hanley Brown Group, Eric Werner, retail investment |
