When Hanley Investment Group Real Estate Advisors, a brokerage and retail investment firm based in Irvine, Calif., put the Alondra Plaza strip center on the market in Bellflower, Calif., the brokerage got a gratifying response: nine offers in the first two weeks of marketing the property, the firm says.
The center was sold for nearly $2 million, at a 7.37% capitalization rate. Kevin Fryman and Eric Wohl of Hanley Investment Group represented the seller.
The 9,171 sq. ft., multi-tenant strip center, located on a half-acre lot and accessible from several freeways, was built in 1979. At the time of sale, it was fully occupied and included tenants Advance America and Domino’s Pizza.
Response to the property indicates a healthy demand. “The buyer pool for multi-tenant strip centers in southern California of this size and scope remains strong,” said Fryman, a vice president at Hanley Investment Group.
Interest in the property also shows an upswing in transactions. “The third quarter has shown an increase in buyer activity as more buyers and more offers are being generated on both single- and multi-tenant retail properties in southern California,” said Wohl, also a vice president at Hanley. “How long this increase in activity is going to last is the big question, but for now it is a positive sign in a year that has been challenging in the commercial real estate sector.”
The buyer was a private investor from Los Angeles, Calif., represented by John Son at Lee & Associates in Orange, Calif. The seller was a private investor based in Los Angeles, Calif.