Hanley Investment Group Real Estate Advisors announced that Hanley Investment Group negotiated the sale of five single-tenant Walgreens for a total consideration of more than $34 million.
“Buyer demand remains consistent for NNN single-tenant investments with Walgreens being the most attractive, primarily due to their strong credit,” Hanley Investment Group President Edward B. Hanley said in a statement. “We expect the demand for NNN single-tenant investments to continue as investors find this type of asset easy to manage while offering protection from rising inflation.”
In Pasadena, Calif., Kent represented the seller and Hanley Investment Group's Vice President Jeremy S. McChesney represented the buyer in the sale of a single-tenant Walgreens. The 13,961-square-foot freestanding building leased to Walgreens is located at 670 N. Lake Avenue in Pasadena. The building is situated on a 5.50-acre parcel of land and was built in 1980. The buyer purchased the property all cash and satisfied a 1031 exchange. Both the buyer and seller were private investors.
In Orange County, Calif., Kent and Eric P. Wohl, vice president of Hanley Investment Group, teamed up in the sale of a single-tenant freestanding building leased to Walgreens. The buyer and seller were private investors.
In Pomona, Calif., Wohl and Kent also represented the buyer in the sale of a single-tenant Walgreens built in 2003. The single-tenant 13,680-square-foot, freestanding building leased to Walgreens is located at 495 E. Holt Avenue and is situated on a 1.49-acre parcel of land. The buyer, a private investor, purchased the property all cash, with a 30-day close of escrow. The seller, Evergreen/Holt, was represented by NAI Capital NYC.
In Riverside, Calif., Wohl represented the buyer and McChesney and Hanley Investment Group's Managing Director William B. Asher represented the seller in the sale of a single-tenant Walgreens. The 14,991-square-foot freestanding building leased to Walgreens is located at 6444 Van Buren Boulevard in Riverside. The building is situated on a 1.52-acre parcel of land and was built in 2010. The buyer was RW WG Riverside LLC of Newport Beach, Calif. The seller was Arlington-Van Buren Investment LLC of Chicago. The cap rate in Riverside was 6.44 percent.
Wohl represented the buyer in the sale of a single-tenant Walgreens in Oklahoma City, Okla. The 14,490-square-foot, freestanding building leased to Walgreens is located at 5901 NW 122nd Street in Oklahoma City. The building is situated on a 1.93-acre parcel of land and was built in 2008. The buyer was RW WG Riverside, LLC. The seller, MAC-122 LLC of Oklahoma City, was represented by Gary Gregory and Cathy Jo See of Sperry Van Ness of Oklahoma City and Tony Alanis of Net Leased Real Properties of Encinitas, Calif.
TIAA Offers $39M Acquisition Loan
Teachers Insurance and Annuity Association (TIAA) provided a $39 million acquisition loan to MEPT Westwood Village LLC. The proceeds will go toward the $78.1 million purchase of Westwood Town Center, a lifestyle center in Seattle.
The 10-year term loan has a loan-to-value of 50 percent and a 30-year amortization. Westwood Town Center encompasses more than 400,000 square feet of leasable space.
Mid-America Closes on Sale of Heritage Shops at Millennium Park
Mid-America Real Estate Corp.’s investment sales group announced the sale of the 105,449-square-foot The Heritage Shops at Millennium Park vertical urban retail property located in the heart of the Chicago Loop.
Publicly held Acadia Realty Trust, based in New York, purchased the center for $31.6 million from a venture of Chicago-based Mesa Development LLC. Mid-America’s Stan Nitzberg, Ben Wineman and Joe Girardi represented the seller in the transaction.
The Heritage Shops is anchored by a two-level LA Fitness and is complemented by Ann Taylor Loft, Lane Bryant/Cacique, McDonald’s Fannie May Candies, Intelligentsia Coffee, Fifth Third Bank and Subway. The property was completed in the fall of 2004 as a mixed-use development that includes a 57-story residential component located above the four-story retail/office component.
Faris Lee Completes Sale of Shoppes at Puente Hills Mall
Faris Lee Investments has completed the $12.5 million sale of Shoppes at Puente Hills Mall, a 20,174-square-foot retail center in City of Industry, Calif.
Built in 2009 and situated on 2.52 acres, the center is an outparcel to the Puente Hills Mall. The property is 87 percent occupied and includes Panera Bread, Chipotle, The Vitamin Shoppe, Wing Stop, T-Mobile, Jamba Juice, and others. The sale marks a significant sales record by boasting the highest price per square foot (approximately $619.60) obtained for a multi-tenant retail investment property above $5 million in Southern California since 2008 (per CoStar).
Richard Walter, president, and Shaun Riley, senior managing director, with Faris Lee Investments represented the seller, San Francisco-based Krausz Puente LLC. Andrew Miliotis from Los Angeles-based AIT Realty Corp. represented the buyer, Navus LLC from Los Angeles. Faris Lee received a total of eight offers on the property, the majority of which were Asian investors living in the local market. The sale closed at a 6.86 percent cap rate.
Other Notable Deals
Cohen Financial secured $5.5 million in refinancing for the 98,270-square-foot Maxwell Village Shopping Center in Sonoma, Calif. Rite Aid Pharmacy and Lucky Supermarket anchor the property. Paul Schroeder, a managing director in Cohen Financial’s San Francisco office, secured the fixed-rate, long-term, non-recourse financing. The lender is Sun Life Financial of Canada. Preferred Capital Advisors brought the loan opportunity to Cohen Financial.
A partnership between St. Paul, Minn.-based Paster Enterprises, a leading manager and developer of neighborhood shopping centers in the Twin Cities, and Shiner Capital Partners, a Chicago-based real estate investment firm purchased Cahill Plaza in Inver Grove Heights, Minn. Cahill Plaza is a 69,000-square-foot shopping center that is anchored by a 52,017-square-foot Cub Foods and a 6,165-square-foot MGM Liquor. Additional tenants include Great Clips, RR Cleaners, C & A Nails, Edward Jones and Papa Johns.
Bull Realty brokered a deal between Noble Properties and Joshua Realty & Loan for the Golden Corral location in Austell, Ga. Virginia Wright, of Bull Realty, was hired by Edward Zorn, CCIM, of Joshua Realty & Loan to sell the 10,771-square-foot building.