IRVINE, CA– HFF announced today that it has closed the sale of the Canyon Crossings, an approximately 300,000-square-foot retail power center in Riverside, California.
HFF marketed the property on behalf of the seller, Long Wharf Real Estate Partners LLC. Dunhill Partners purchased the asset for $61.25 million free and clear of existing debt.
Canyon Crossings is located at 2550 Canyon Springs Parkway adjacent to Interstate 215 and Highway 60 in Riverside. Completed in 2008, the property is 92.5 percent leased to tenants including Toys/Babies “R” Us, John’s Incredible Pizza, Mor Furniture for Less, Staples, Howard’s Appliances and Party City. The center is part of a larger retail project totaling approximately 700,000 square feet, which is shadow-anchored by Walmart Supercenter.
The HFF investment sales team was led by senior managing director Ryan Gallagher and associate director CJ Osbrink.
“California is coming out of the recession with healthy job growth and increased housing demand,” said William L Hutchinson, president of Dunhill Partners. “As the ninth largest economy in the world with so much to offer such as the natural beauty of its landscapes and a resilient and diverse population, I can only see California commercial real estate only going up from where it is today as the market continues its recovery.”
Long Wharf Real Estate Partners LLC is a Boston-based private equity real estate investment manager. The group invests in sectors and markets across the United States principally on behalf of institutional clients, including corporate and public pension funds, endowments and foundations.
Founded in 1984 by William L Hutchinson, Dunhill Partners is a commercial real estate investment firm that currently owns and manages more than five million square feet of retail commercial property. Dunhill Partners, which is based in Dallas, Texas, has been expanding its acquisition reach into the California market. Last December Dunhill acquired the legendary Nut Tree Shopping Center in the San Francisco Bay Area, and is now adding Canyon Crossings to its sizeable retail portfolio. www.dunhillpartners.com.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.com or follow HFF on Twitter at www.twitter.com/hff.
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.