Hanley Investment Group Sells Multi-Tenant Retail Building in Torrance, Calif. for $4.62 Million
Kevin T. Fryman and Carlos J. Lopez of Hanley Investment Group represented the seller in the sale of a 4,229-square-foot retail strip center located at 20301 Hawthorne Boulevard in Torrance, Calif., occupied by 7-Eleven and The Coffee Bean & Tea Leaf. The purchase price was $4.62 million, representing a record $1,064 per square foot, the highest sale price per square foot for a multi-tenant strip center in Los Angeles County in 2012.
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November 19, 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 Kevin T. Fryman and Carlos J. Lopez represented the seller in the sale of a 4,229-square-foot retail strip center in Torrance, Calif., occupied by 7-Eleven and The Coffee Bean & Tea Leaf. The purchase price was $4.62 million, representing a record $1,064 per square foot, the highest sale price per square foot for a multi-tenant strip center in Los Angeles County in 2012.
7-Eleven and The Coffee Bean & Tea Leaf is located at 20301 Hawthorne Boulevard in Los Angeles County. Built in 2005, the property consists of a multi-tenant retail building situated on .44 acres. The property was 100% occupied at the time of the sale.
“7-Eleven and The Coffee Bean & Tea Leaf was seen as a true rare trophy property due to its high profile location, corporate leases and the quality of the construction,” said Kevin Fryman, a vice president at Hanley Investment Group.
“With a sales price over $1,000 per square foot and multiple all-cash offers, this sale demonstrates the investment community is willing to pay a premium for 'A' properties," said Hanley Investment Group's Senior Vice President Carlos J. Lopez.
The buyer, a private investor based overseas, was represented by Paul Lee of Pacific Gold Coast Realty in Diamond Bar, Calif. The seller was a private investor in Torrance, 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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