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Hanley Investment Group Represents Buyer and Seller in $47.2 Million Sale of Trophy Neighborhood Shopping Center in Chino Hills, Calif.
Edward Hanley, president of Hanley Investment Group, represented the buyer and seller in the $47.2 million sale of Gateway Village, a high profile neighborhood shopping center in Chino Hills, Calif. The sale of this 96,959-square-foot Henry’s Market anchored shopping center represented a record breaking $487 psf. The property was 100 percent occupied at the time of sale.
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May 1, 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 Edward B. Hanley, president of Hanley Investment Group, represented the buyer and seller in the sale of a high profile neighborhood shopping center in Chino Hills, Calif. The purchase price was $47.2 million, representing a record breaking $487 per square foot.
The 96,959-square-foot shopping center, known as Gateway Village, is located at 3560-3670 Grand Avenue in Chino Hills. Situated directly adjacent to the Chino Valley (State Highway 71) Freeway at the Grand Avenue exit, Gateway Village is situated on 13.86 acres. Approximately 81 percent of the total property’s square footage consisted of national and regional credit tenants that included Henry’s Market (Wild Oats Market Inc.), Baja Fresh, Bank of America, Chevron, Coffee Bean & Tea Leaf, Chick-Fil-A and Chili’s. The eight-building property consisted of three phases. Phase I and II were built in 2003, while Phase III was built in 2006. The property was 100 percent occupied at the time of sale.
“The property is a high profile, pride of ownership investment that boasts an exceptional tenant mix, irreplaceable location, newer construction, and outstanding demographics,” said Edward Hanley, president of Hanley Investment Group.
“This assignment was very challenging due to the fact a buyer had to be identified that was capable of assuming three different CMBS loans requiring more than a 50 percent down payment,” noted Hanley.
“The transaction represented a record breaking price per square foot in the county for a neighborhood shopping center and at the same time satisfied the buyer’s return on capital requirement. Both the buyer and seller were extremely pleased with the closing of this transaction,” Hanley added.
The buyer was Grand Gateway I, II, and III, LLC of Los Angeles, Calif. The seller was Gateway Village I, II, and III, LP of Newport 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, please contact:
Edward B. Hanley
Hanley Investment Group
Real Estate Advisors
2030 Main Street, Suite 1650
Irvine, CA 92614
p 949.585.7677
f 949.585.7611
ehanley@hanleyinvestment.com
www.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 sale |
