Hanley Arranges Sale of LA-Area Retail Asset
- Oct 30, 2019
Hanley Investment Group Real Estate Advisors has facilitated the sale of a rare, 9,000-square-foot retail property in Long Beach, Calif., which hit the market for the first time in 20 years.
Executive Vice Presidents Kevin Fryman and Carlos Lopez, along with President Ed Hanley, represented the seller while CBRE Senior Vice President Nathan Holthouser worked on behalf of the buyer, a local private investor. The transaction closed at $5 million and comes several months after Hanley represented the seller and buyer of The Crossroads @ Firestone, a shopping center located approximately 20 miles away, in South Gate, Calif.
The two-story property is located in the Belmont Shore neighborhood, at the intersection of 2nd Street and Santa Ana Avenue at 5354 E. 2nd St. Completed in 1952 in Spanish Colonial Revival architecture style, the building is one of the few remaining commercial buildings on the street that preserved its original architectural appearance. Another rare feature is represented by the parking space near the property, which can accommodate 20 vehicles. The majority of properties along 2nd Street do not come with dedicated parking spaces.
The property was fully occupied at the time of the sale, with tenants including the Arthritis National Research Foundation, Jonnum Media, The Flynn Group and FEA Consulting. The asset is near a number of specialty boutiques, restaurants and exclusive national retailers such as Banana Republic, Legends Restaurant and Starbucks.
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