Hanley Investment Group Sells Shadow Anchored Retail Center in Redondo Beach for $3.91 Million
Eric P. Wohl and Kevin T. Fryman of Hanley Investment Group represented the seller in the sale of King Harbor Plaza, a 13,097-square-foot multi-tenant retail building located within grocery-anchored shopping center in Redondo Beach, Calif. The purchase price was $3.91 million, representing approximately $299 per square feet.
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October 30, 2012 (FPRC) -- IRVINE, CALIF. – Hanley Investment Group Real Estate Advisors, one of the most dominant retail investment groups in the western United States and a market leader in the sale of retail properties, announced today that Eric P. Wohl and Kevin T. Fryman represented the seller in the sale of King Harbor Plaza, a 13,097-square-foot retail strip center located within an Albertsons-anchored shopping center in Redondo Beach, Calif. The purchase price was $3.91 million, representing approximately $299 per square feet.
King Harbor Plaza is located at 705-715 North Pacific Coast Highway in Redondo Beach. Built in 1954 and renovated in 2012, the property consists of a multi-tenant retail building situated on .21 acres. The property was 100% occupied at the time of the sale and includes tenants Style Rage, New Tokyo Restaurant, Happy Veggie Restaurant, Hair & Nails, United Studios Karate and Sea Breeze Liquor & Wine. The tenants within the center, but not a part of the sale, include: Albertsons, Petco, Carl’s Jr. H&R Block, Little Caesar’s and Postal Annex.
“King Harbor Plaza presented an excellent opportunity for the buyer to own a grocery shadow- anchored retail center with below market rents and upscale demographics,” said Fryman.
“The buyer was able to take advantage of historically low interest rates for this product type translating into a strong cash on cash return with good future upside potential,” said Wohl.
The buyer, a private investor based in San Diego, Calif., was represented by Paul Bonanno and Jeff Ramsay of Net Leased Real Properties in Encinitas, Calif. The seller was a private investor in Oakland, 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 brokerage firm with a three 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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