Hanley Investment Group Sells Two Separate Portions of Grocery/Drug Anchored Shopping Center in Blythe, Calif. for Total of $4,885,000
Hanley Investment Group’s Eric Wohl negotiated the sale of two separate portions of the Blythe Towne Center in Riverside County, Calif. for a total consideration of $4,885,000. Wohl represented the seller in the sale of a 16,100-square-foot portion of Blythe Towne Center in Blythe. The purchase price was $3,175,000, representing a 6.60% cap rate. Wohl also represented the seller in the sale of a 6,000-square-foot portion within the Blythe Towne Center. The purchase price was $1,710,000, representing a 6.98% cap rate. The buyer of both properties was Missouri Plaza LLC of St. Louis, MO, represented by C.K. Yoon of Prudential California Realty in Carlsbad, Calif.
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August 16, 2007 (FPRC) -- IRVINE, CALIF. – Hanley Investment 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 the sales of two separate portions of the Blythe Towne Center in Riverside County, California for a total consideration of $4,885,000.
Eric P. Wohl of Hanley Investment Group represented the seller in the sale of a 16,100-square-foot portion of Blythe Towne Center in Blythe. The purchase price was $3,175,000, representing a 6.60% cap rate. Wohl also represented the seller in the sale of a 6,000-square-foot portion within the Blythe Towne Center. The purchase price was $1,710,000, representing a 6.98% cap rate. The buyer of both properties was Missouri Plaza LLC of St. Louis, MO, represented by C.K. Yoon of Prudential California Realty in Carlsbad, Calif.
The 16,100-square foot portion of Blythe Towne Center is located at 824-836, 862-868, 874,878 East Hobsonway at the signalized intersection of E. Hobsonway and S. Seventh Street. Situated on a .75-acre parcel of land within an Albertsons and Rite Aid anchored shopping center, the sale consisted of five tenants including Blockbuster Video, Social Security, Fashion Mart, La Florida Mexican Restaurant and Vision Center. Built in 1991, the three buildings purchased were 100% occupied at the time of sale. The seller was a private investor out of Newport Beach, Calif.
The 6,000-square foot portion within Blythe Towne Center is located at 812 East Hobsonway and is situated on a .26-acre parcel of land. The sale consisted of one building occupied by two tenants, AutoZone and Blimpies. The property, also built in 1991, was 100% occupied at the time of sale. The seller was a private investor out of Laguna Niguel, Calif.
“Blythe Towne Center is the dominant grocery/drug anchored center in the city, which was very appealing to the buyer who moved quickly to close on both offerings,” said Eric Wohl, vice president at Hanley Investment Group. “Upon moving forward with one portion of the property, the buyer also liked the AutoZone/Blimpies piece given the upside potential to increase rents on both tenants in the near future. With the acquisition of both offerings, the buyer took control of all components of the shopping center other than the Albertsons and Rite Aid.”
About Hanley Investment Group Real Estate Advisors
Built on a solid foundation of performance, integrity and dedication, Hanley Investment Group Real Estate Advisors is a boutique retail investment advisory firm with a $1 billion 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 at www.hanleyinvestment.com or call (949) 585-7610.
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For more information, contact:
Eric P. Wohl, Vice President
Hanley Investment Group Real Estate Advisors
2569 McCabe Way, Suite 100
Irvine, CA 92612
(949) 585-7673
ewohl@hanleyinvestment.com
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Send an email to Anne Monaghan of Monaghan Communications
949-722-2933
Keywords:
Hanley Investment Group, Eric Wohl, shopping center sale
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