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| Tuscany Plaza, Greenwood Village, Denver, CO |
CORONA DEL MAR, CA - Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm represented the buyer and seller in the off-market sale of a 13,940-square-foot multi-tenant retail pad, shadow-anchored by a new Walmart Supercenter at 13325 Main Street in Hesperia, Calif.
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| Eric Wohl |
Hanley Investment Group
Executive Vice President Eric Wohl represented
the seller, Pacific Development Group of Newport Beach, Calif. Hanley’s Senior Vice President Patrick Kent represented the buyer, SHA
Enterprises, Inc. of Irvine, Calif.
The retail property is
located in San Bernardino County at the Hesperia Marketplace Shopping Center at
the hard-corner signalized intersection of Main Street and Escondido Avenue in
Hesperia, near the Interstate 15 freeway.
Built in 2015, the
multi-tenant building is occupied by national and regional tenants including
Pieology Pizzeria, The Habit Burger Grill, Firehouse Subs, Yogurtland, Great
Clips, Nutrishop and Metro PCS. The Walmart Supercenter-anchored shopping
center also includes a 10,000-square-foot Petco.
“Utilizing Hanley
Investment Group’s weekly strategy meeting, we leveraged our long-standing
relationship with Pacific Development Group to connect a motivated 1031
exchange buyer with an off-market listing to fulfill the requirement,” said
Wohl. “We were also able to facilitate a new corporate lease with Daniel’s
Jewelers prior to closing to bring the property to 100 percent occupancy.”
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| Patrick Kent |
Kent also said that having Walmart and Petco as anchors, the hard-corner, signalized intersection location, proximity to the I-15 freeway, and that 91 percent of the building’s space was occupied by credit tenants were all factors that made this property very appealing to the buyer.
Wohl recently completed
the sale of a similar Walmart shadow-anchored asset in Ontario, Calif., on
behalf of Pacific Development Group. The multi-tenant retail pad sale in
Ontario achieved a record-low cap rate and the highest price per square foot
for a multi-tenant pad building shadow-anchored by Walmart in California,
according to CoStar.
“This is the second
property that Hanley Investment Group has sold for us within a 30-day period,”
said Bob Lewis, partner at Pacific
Development Group who handled the sale for the firm. “We were not motivated to
sell the property; however, based upon the value they assured us they could
achieve, the strength of the buyer that they represented and the success we have
had with Hanley Investments in selling our properties, we decided to move
forward with the transaction.”
“Multi-tenant outparcels
to big box retail is a product type that is in very high demand,” said Wohl.
“This type of retail asset is a relatively low-risk option for investors due to
the high-exposure location, diversity of corporate and regional tenants, and a
strong traffic-driving anchor like Walmart. Additionally, investors can
typically spread out their risk over multiple tenants versus single-tenant
assets.”
For a complete copy of the company’s news release,
please contact:
Anne Monaghan Eric
Wohl / Pat Kent
Monaghan
Communications Hanley Investment Group
830.997.0963
949.585.7673 / 949.585.7672
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