Hanley Investment Closes Southern California Retail Sale
- May 19, 2020
Hanley Investment Group has completed a $4 million, all-cash sale of a two-tenant retail pad property in Ontario, Calif. Executive Vice President Matt Burnett represented both the buyer and seller, two private investors.
The asset traded at a 5.4 percent cap rate, the lowest multi-tenant acquisition yield in the Inland Empire region for a second-generation building in the past year, according to Burnett.
Built in 2002, the 6,300-square-foot building is located on a 1-acre parcel at 961 N. Milliken Ave. The property’s long-term tenants, Assure Dental and Verizon Wireless, occupy a respective 3,500 and 2,800 square feet under net leases.
The property is shadow-anchored by a Sam’s Club and is within 35 miles of downtown Los Angeles. The building is at a signalized entrance to the nearby Marketplace at Ontario Center and across from Simon’s 1.5 million-square-foot Ontario Mills Mall.
Earlier this month, Hanley represented the sellers in the disposition of two retail properties in Knoxville, Tenn., and Somerset, Ky. The assets traded for $7 million in an all-cash deal.