Hanley Investment Completes Sale of LA Retail
- May 22, 2018
Hanley Investment Group Real Estate Advisors has arranged the sale of a 6,777-square-foot retail pad building in Baldwin Park, Calif. The asset changed hands for $8.3 million, which equates to $1,225 per square foot. The cap rate was 4.3 percent. Hanley Investment represented the seller, an Orange County-based private developer and Secured Properties worked on behalf of the buyer, a 1031 exchange private investor based in Los Angeles.
The retail asset occupies 1.3 acres at 13916 Garvey Ave., alongside Interstate 10 on a pad shadow-anchored by LA Fitness, at the intersection of Garvey and Vineland Avenue. The location offers exposure to approximately 220,000 cars each day. Built in 2017, the multi-tenant property hosts The Coffee Bean & Tea Leaf with drive-through, Chipotle, Jersey Mike’s Subs and WaBa Grill.
“We generated multiple qualified offers and selected an experienced 1031 exchange buyer based in Southern California who had owned other similar assets in his portfolio in the past,” said Bill Asher, executive vice president of Hanley Investment Group, in prepared remarks. “We secured premium pricing that was 30-60 basis points better regarding cap rate than most of the other offers.”
Hanley’s 2018 has been off to a busy start for retail sales in California. Last month, the company represented the seller in the $20.7 million disposition of La Verne Courtyard, an ALDI and Orchard Supply Hardware-anchored shopping center in La Verne, Calif.
Image courtesy of Hanley Investment Group