Hanley Investment Group Sells Interest in Trophy Newport Beach Grocery-Anchored Shopping Center for $35 Million
Edward B. Hanley and Eric P. Wohl of Hanley Investment Group assisted with the sale of stock in the company that owned the landmark Vons Pavilions anchored shopping center located in Newport Beach, Calif., in an off-market transaction. The sale price was $34,890,000, which would represent $790 per square foot on fee simple basis, the highest sale price per square foot in the last 5 years for the purchase of a grocery-anchored center in California.
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August 15, 2012 (FPRC) -- IRVINE, CALIF. – Hanley Investment Group Real Estate Advisors, one of the most dominant retail investment groups and a market leader in the sale of retail properties, announced today that Edward B. Hanley and Eric P. Wohl of Hanley Investment Group assisted with the sale of stock in the company that owned the landmark Vons Pavilions anchored shopping center located in Newport Beach, Calif., in an off-market transaction. The sale price was $34,890,000, which would represent $790 per square foot on fee simple basis. According to public records, this would represent the highest sale price per square foot in the last 5 years for the purchase of a grocery-anchored center in California.
Situated on 3.78 acres, the 44,289-square-foot shopping center known as The Landing is located on the popular Balboa Peninsula at the corner of 32nd Street and Balboa Boulevard. The prime Newport Beach shopping center, located at the heart of the city’s beach community, had recently undergone a major renovation by the seller, who turned an aging shopping center into a new upscale development. Tenants include Vons Pavilions, Gina’s Pizza, Crow Bar and Kitchen, Chipotle and Chase Bank.
The seller, who owned the stock in the company, was Catellus and the buyer, which did not want to be named, is based in Orange County and was also represented by HOM Real Estate Group of Newport Beach, in conjunction with Hanley Investment Group.
"Hanley Investment Group brought the buyer to Catellus in an off-market transaction that, according to the seller, had numerous high profile buyers interested in the property, despite not being offered for sale. This is consistent with what we are seeing in the market for coastal grocery-anchored shopping centers and only magnified for such a unique property like The Landing," said Edward Hanley, president of Hanley Investment Group.
"The Landing presented a very unique opportunity for the buyer to own a trophy grocery-anchored retail center in one of the best beachside communities in Southern California offering upscale demographics, high barriers to entry, and quality tenant mix," noted Eric P. Wohl, senior vice president of Hanley Investment Group.
"The sale of the stock in the company that owned The Landing is another good indicator that the retail investment market, particularly well-located grocery/drug anchored shopping centers, continues to be very strong. Look for this demand to remain steady through 2012 as retail sales improve and the debt market becomes more active,” said Hanley.
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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