Hanley Investment, Coldwell Banker Complete Sale of Retail Asset

The two brokers assisted Kitchell Development Co. in selling a 10,055-square-foot single tenant retail building to Bay Area Properties.
A rendering of the ULTA Beauty building in Chico, Calif.
A rendering of the ULTA Beauty building in Chico, Calif.

Chico, Calif.—Hanley Investment Group Real Estate Advisors, in partnership with Coldwell Banker DuFour Realty, announced they have completed the sale of a new construction net-leased retail property occupied by ULTA Beauty in Chico, Calif.

The property is located at 2068 Dr. Martin Luther King Jr. Parkway, on a 1-acre parcel anchored by Costco and adjacent to Sierra Nevada Brewing Co. The 10,055-square-foot building was completed in late 2016.

Bill Asher, executive vice president at Hanley Investment Group and Mike Donnelly of Coldwell Banker DuFour Realty represented the seller, Kitchell Development Co. Scott Borgia, senior vice president at Cushman & Wakefield represented the buyer, Bay Area Properties.

“It was clear the location of the building being positioned in front of a successful Costco was a key selling point, along with the city of Chico being raked #1 in Forbes Magazine’s ‘Best Places in America,’” said Asher, in a prepared statement.

Hanley Investment Group procured an all-cash 1031 exchange buyer and structured a 30-day escrow with ULTA opening for business a few weeks prior to closing.

Image courtesy of Hanley Investment Group