Hanley Investment Brokers Sale of LA-Area Shopping Center
- Mar 26, 2019
Safco Capital Corp. has acquired the 53,262-square-foot, ALDI-anchored The Crossroads @ Firestone shopping center in South Gate, Calif., for $29.5 million. Catellus Development Corp. sold the property after developing it in 2017 on the site of a former car sales center. Hanley Investment Group Real Estate Advisors President Ed Hanley represented both parties.
Located at 5802 & 5840 Firestone Blvd., the asset’s tenant roster includes regional and national businesses such as ALDI, AT&T, Bank of America, The Buffalo Spot, Churroholic, Fast 5 Express Car Wash, Hiccups Restaurants Tea House, Jersey Mike’s Subs, Panera Bread, Sherwin-Williams and Tacos El Gavilan. At the time of sale, the property was fully leased.
“There is high demand for newly built, grocery-anchored neighborhood centers in dense, infill markets,” said Hanley, in prepared statements. “Using Hanley Investment Group’s proprietary database, we identified a Los Angeles-based 1031 exchange buyer who was looking to transition their portfolio to high-quality assets.”
Recently, Hanley Investment Group Real Estate Advisors worked with both seller and buyer in the disposition of a 28,600-square-foot retail property in Crest Hill, Ill.
Image courtesy of Hanley Investment Group Real Estate Advisors
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