Hanley Investment, Voit Arrange $10M Sale of CA Shopping Center
- Jun 27, 2018
Hanley Investment Group Real Estate Advisors, in a partnership with Voit Real Estate Services, has arranged the $9.8 million sale of RC Plaza, a neighborhood shopping center in Rancho Cucamonga, Calif.
“We generated a tremendous amount of interest due to the shopping center’s value-add investment attributes,” said Bill Asher, executive vice president at Hanley, in a prepared statement. “The asset featured an overall low price per square foot, below-market rents as well as a stand-alone Starbucks building positioned on a separate parcel, offering the future flexibility to sell off separately as a net leased asset.”
Constructed in 1984, the property features nine retail buildings across three acres. RC Plaza comprises 37,239 square feet and is home to tenants such as Starbucks and Pizza Hut. A total of 71 percent of the current tenants have occupied the space for the last six years. Starbucks built a drive-thru in 2006 and signed a new 10-year lease extension in 2015. The property also includes an additional 15,717-square-foot building that is separately owned and was not part of the overall sale.
Asher and President Ed Hanley, along with Voit’s Vice President Joe Miller, represented the private seller. Ophir Management Services Inc.’s Broker Eric Treibatch, represented the private buyer.
Hanley has had a busy start to 2018, with a number of retail transactions under its belt. Last month, the company arranged the $8.3 million sale of a 6,777-square-foot retail pad building in Baldwin Park, Calif.
Image courtesy of Hanley Investment Group Real Estate Advisors