Hanley Investment Group Represents Seller in Sale of $7,380,000 Starbucks-Anchored Retail Center
Kevin Fryman and Bryan Land of Hanley Investment Group Real Estate Advisors represented the seller in the $7,380,000 sale of Archibald’s Plaza, a 15,505 sq. ft. Starbucks-anchored retail center located at 2910 & 2920 Archibald Avenue in Ontario, CA. The property was built in 2005, and was 100 percent occupied at the time of sale.
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February 28, 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 Kevin T. Fryman and Bryan Land of Hanley Investment Group represented the seller in the sale of a Starbucks-anchored shopping center in Ontario, California. The purchase price was $7,380,000, representing a 6.15 percent cap rate.
The 15,505-square-foot multi-tenant strip center, known as Archibald’s Plaza, is located at 2910 & 2920 Archibald Avenue in Ontario. Located just south of the 60 freeway at the signalized intersection of Archibald Avenue and Riverside Drive, the sale consisted of two buildings anchored by Starbucks (Drive-Thru), Juice it Up, Sprint and UPS Store. Archibald’s Plaza is situated on 1.97 acres within a shopping center anchored by Walgreens, Washington Mutual and Archibald's Restaurant, which were not part of the sale. The property was built in 2005, and was 100 percent occupied at the time of sale.
“The property was a very secure and stable investment opportunity that matched the buyer’s investment criteria,” said Kevin Fryman, vice president at Hanley Investment Group. “The buyer assumed an existing loan that required a $3,347,047 (45 percent) down payment, which was a very attractive selling point to the deal given the uncertainty of the capital markets during the marketing of the property. We obtained list price for the seller on the sale of the property, which is well positioned for future success situated adjacent to the New Model Colony residential development, scheduled to add 30,000 new homes at build out.”
The buyer, Mabel Jung from Rolling Hills Estates, Calif., was represented by Randy Jung of Number One Investment in Los Angeles, Calif. The seller was River Arch Center LLC of Long Beach, Calif.
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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For more information about this transaction, contact:
Kevin T. Fryman, Vice President
Hanley Investment Group
Real Estate Advisors
2030 Main Street, Suite 1650
Irvine, CA 92614
949.585.7674
kfryman@hanleyinvestment.com
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Send an email to Anne Monaghan of Monaghan Communications
949-722-2933
Keywords:
Hanley Investment Group, real estate advisors, retail property sales
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