IRVINE, CALIF. – 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 William B. Asher and Kevin T. Fryman represented the seller in the sale of a two-tenant NNN ground lease investment occupied by Jiffy Lube and Rally’s Hamburgers in Hawthorne, Calif. The purchase price was $3,435,000, which represented a 6.0% capitalization rate.
Located in Los Angeles County at 12800-12812 Hawthorne Boulevard in Hawthorne, the two-tenant property occupied by Jiffy Lube and Rally’s Hamburgers was built in 1995, and totaled 3,007 square feet. Situated on 0.74 acres, the property is located at the signalized intersection of Hawthorne Boulevard and El Segundo Boulevard, which is less than one mile from the I-405 and I-105 freeways and four miles from the Pacific Ocean. The center was 100% occupied at the time of sale.
“Well-located NNN retail investments continue to be the retail product type that is selling with the most velocity in today’s market,” said William B. Asher, managing director of HanleyGroup. “We were able to obtain record pricing on the Hawthorne property, even with each tenant having less than 4 years remaining on their current lease terms."
“Investors continue to fall back on basic real estate fundamentals of seeking 'A' locations,” said Kevin T. Fryman, a senior vice president at Hanley Investment Group. “The Hawthorne property is a prime example that even with shorter term, the quality of the real estate attracted a high level of demand and a premium sales price.”
The buyer, Provident Trust of Topanga, Calif., was represented by Danny Liao of Sauve Riegel Commercial Real Estate in Pasadena, Calif. The seller was LE-1, LLC of Calabasas, 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.