Hanley Investment Group Sells Two Single-Tenant NNN Hollywood Videos in the Inland Empire For $3,885,000
Hanley Investment Group Real Estate Advisors represented the buyers and seller in the sales of two single-tenant NNN Hollywood Video buildings in the Inland Empire for a total consideration of $3,885,000. Eric L. Werner and Kevin T. Fryman of Hanley Investment Group represented the buyer and seller in the sale of a single-tenant Hollywood Video located at 12252 Perris Boulevard in Moreno Valley, Calif. The purchase price was $1,745,000. Werner and Fryman teamed up with Bryan Land of Hanley Investment Group to represent the buyer and seller in the sale of a single-tenant Hollywood Video located at 1333 E. Foothill Boulevard in Upland. The purchase price was $2,140,000.
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January 11, 2008 (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 single-tenant NNN Hollywood Video buildings in the Inland Empire for a total consideration of $3,885,000.
Eric L. Werner and Kevin T. Fryman of Hanley Investment Group represented the buyer and seller in the sale of a single-tenant Hollywood Video located at 12252 Perris Boulevard in Moreno Valley, Calif. The purchase price was $1,745,000. Built in 1998 on a .33-acre parcel of land at the signalized intersection of Perris Boulevard and Hemlock Avenue, Hollywood Video occupies a 6,556-square-foot building situated in a shopping center anchored by CVS Drug Store, Dollar Tree, and dd’s DISCOUNTS. Hollywood Video has less than one year remaining on its initial lease term. The buyer was a private investor from Orange County, Calif. The seller was Union Bank of California based in San Diego, Calif.
“The buyer acquired an excellent value-add investment opportunity,” says Eric Werner, vice president at Hanley Investment Group. “The property is situated at a hard corner, signalized intersection in a pad location benefiting from strong customer traffic generated by credit tenants CVS Drug Store, Dollar Tree, and dd’s DISCOUNTS. With Hollywood Video recently filing Chapter 11, the buyer has an outstanding opportunity to re-tenant the building at a significantly higher rent if Hollywood Video chooses not to extend its lease or leave this location.”
In the second Hollywood Video transaction, Werner and Fryman teamed up with Bryan Land of Hanley Investment Group to represent the buyer and seller in the sale of a single-tenant Hollywood Video located at 1333 E. Foothill Boulevard in Upland. The purchase price was $2,140,000.
Located at the signalized intersection of Foothill Boulevard and Alta Avenue, Hollywood Video is situated on a .55-acre parcel of land with six years remaining on its initial lease term. Built in 1998, Hollywood Video occupies a 6,800-square-foot building. The building is a stand-alone location positioned at a hard corner, signalized intersection just west of Upland Marketplace and Village Grove shopping centers, the closest adjacent retailers in the area.
The buyer was a private investor based in Los Angeles, Calif. The seller was a private investor from Long Beach, Calif.
“The strong demographics in the surrounding area, combined with a signalized corner location, provide the buyer with excellent future upside potential to re-tenant the building if Hollywood Video is to ever leave this location,” says Werner.
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 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 at www.hanleyinvestment.com or call (949) 585-7610.
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Send an email to Anne Monaghan of Monaghan Communications
949-722-2933
Keywords:
Hanley Investment Group, Real Estate Advisors, single tenant NNN
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