IRVINE, CA – Hanley Investment Group Real Estate Advisors, one of the most dominant retail groups in the western United States and a market leader in the sale of retail properties, announced today that the company negotiated the sale of more than 122,000 square feet of retail space in Riverside, Calif., totaling more than $20 million, with the sale of Michaels Plaza and Stater Bros. Plaza.
Edward B. Hanley, William B. Asher and Kevin T. Fryman of Hanley Investment Group, represented the buyer and seller in the sale of Michaels Plaza, located at 10321-10357 Magnolia Avenue, in Riverside, Calif. The 62,834-square-foot community shopping center, situated on 4.79 acres, is leased to national and regional tenants Michaels, David’s Bridal, Lamps Plus, AAA Gold Exchange, Armed Forces, GameStop and The Flame Broiler. The center was built in 1987 and was 97% occupied at the time of sale. The buyer was The Krausz Companies, Inc. of Irvine, Calif. The seller was a private partnership based in Orange County, Calif.
“Michaels Plaza is located at one of the busiest intersections in the city of Riverside and benefits from unparalleled retail synergy directly across the street from the 1.2-million-square-foot Galleria at Tyler, the most prominent regional mall in Riverside County,” said Edward B. Hanley, president of Hanley Investment Group.
“There was a limited pool of potential buyers for the property due to an existing loan with approximately four years remaining that had to be assumed,” adds Hanley. “The prepayment penalty was cost prohibitive to justify paying off the loan and placing new financing. Additionally, with specific qualifications from the existing lender on a new borrower’s financial qualifications, we were able to procure the right buyer capable of assuming the existing loan and ensuring a smooth closing.”
At the end of 2012, Hanley Investment Group sold the Chase Bank pad within the same project, a 6,160-square-foot building built in 1987, situated at 10355 Magnolia Avenue in Riverside. At $812 per square foot, it was the highest price per square foot for a retail property sale over $4 million in Riverside and San Bernardino counties since 2009.
In the second transaction, Hanley Investment Group's Edward B. Hanley and William B. Asher represented the seller in the sale of Stater Bros. Plaza. The property is located at 6160 Arlington Avenue in Riverside, Calif. The grocery-anchored center is 59,790 square feet and situated on 4.75 acres. The center was built in 1980, remodeled in 1991, and is leased to O’Reilly Auto Parts, Subway, Arlington Animal Hospital, and D’Caesaro Pizza & Italian Restaurant. The center was 82% occupied at the time of sale. The buyer, a private investor from Rancho Palos Verdes, Calif., was represented by Nilufar Alemozaffar of CARETS Commercial of Los Angeles. The seller was a private partnership based in Orange County, Calif.
About Hanley Investment Group Real Estate Advisors
Built on a solid foundation of performance, integrity and dedication, Hanley Investment Group Real Estate Advisors is a boutique retail investment firm with a three billion dollar transaction track record that is comprised of innovative specialists delivering unparalleled service and superior results that consistently exceed client expectations. Hanley Investment Group’s expertise, commitment and unwavering focus of putting the client’s needs first have continued to set the company apart in the industry. Hanley Investment Group works closely with individual investors, developers, and institutional property owners in every facet of the transaction to insure that the highest value is achieved. Clients rely on Hanley Investment Group to be the most knowledgeable and trusted source for valuation services, market information and retail property acquisitions and dispositions. For more information, visit the Company’s website at www.hanleyinvestment.com or call (949) 585-7610.