Hanley Investment Closes Inland Empire Retail Sale
- Jul 29, 2020
Hanley Investment Group has finalized the $5.2 million disposition of an 11,600-square-foot retail asset in Corona, Calif. President Ed Hanley and Executive Vice Presidents Bill Asher, Kevin Fryman and Jeff Lefko negotiated on behalf of the seller, Cadence Capital. ANA Capital’s Ranhee Im assisted the buyer, a private investor. Bank of Hope provided acquisition financing for the new owner, public records show.
Located on 1 acre at 1240 and 1282 Border Ave., the property encompasses two buildings completed in 1976. The tenant roster includes a dentist office, dry cleaners and doughnut store. The asset is on two outparcels of Village Grove Plaza, a 56,100-square-foot retail center anchored by Crunch Fitness and Stater Bros. Markets.
The property is in a dense residential area 1 mile from the Riverside Freeway, which has an average daily traffic count of 257,000 vehicles. There are 194,000 people earning an average household income of more than $103,000 within 5 miles of the asset, according to the brokerage firm.
Earlier in July, the company closed the $13.4 million sale of a 50,082-square-foot office property some 30 miles northeast of Village Grove Plaza in San Bernardino, Calif. The Krausz Cos. acquired the asset in a 1031 exchange.