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| Maywood Town Center, Maywood, CA |
MAYWOOD, CA -- Hanley Investment Group Real Estate Advisors, a
nationally-recognized real estate brokerage and advisory firm specializing in
retail property sales, announced the firm has completed the sale of Maywood
Towne Center, a 20,510-square-foot multi-tenant retail center that is
shadow-anchored by Food 4 Less and Rite Aid in Maywood, California. The sale
price was $9.8 million.
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| Ed Hanley |
Hanley Investment Group President Ed Hanley and Executive Vice President
Bill Asher represented the seller, a family trust based in Los Angeles.
The buyer was a private investor from Los Angeles and was represented by Marcus & Millichap in Los Angeles.
The property is located at 4444 Slauson Avenue and 5921-5925 S. Atlantic Boulevard in Maywood.
The property is located at 4444 Slauson Avenue and 5921-5925 S. Atlantic Boulevard in Maywood.
The signalized intersection location at Slauson Avenue
and Atlantic Boulevard, the two main thoroughfares in the city, feature more
than 54,000 cars per day.
The property is also situated one mile from the
Interstate 710 on/off ramps with more than 177,000 cars per day.
According to Asher, this was the first time the property had been on the market in 33 years since it was acquired from the original developer when it was completed in 1985.
The 1.43-acre property was 78 percent occupied at the
time of sale.
“The buyer acquired an outstanding multi-tenant retail investment in an
established infill Los Angeles location, with upside potential to lease up 22
percent vacancy in the immediate future,” said Asher.
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| Bill Asher |
“Approximately 100 percent of the occupied square
footage is leased to a favorable mix of internet-resistant restaurant and
service-based tenants, a combination of retailers that will continue to be the
most attractive to investors moving ahead.
"Nearly 90 percent of the occupied square footage is
leased to national/regional retailers including Dental Masters, Ace Cash
Express, L.A.’s Auto Insurance, Las Islas Marias, WaBa Grill, Wateria, Wingstop
and Yum Yum Donuts.”
Maywood Towne Center features five points of ingress/egress along Slauson Avenue (23,500 cars per day) and Atlantic Boulevard (31,000 cars per day) with prominent pylon signage at the intersection and on Atlantic Boulevard, which was appealing to investors, according to Asher.
Maywood Towne Center features five points of ingress/egress along Slauson Avenue (23,500 cars per day) and Atlantic Boulevard (31,000 cars per day) with prominent pylon signage at the intersection and on Atlantic Boulevard, which was appealing to investors, according to Asher.
“Investor demand for multi-tenant retail assets leased to
internet-resistant, national credit tenants in dense infill locations with an
opportunity to improve cash-flow long-term through additional lease-up will
continue to be the most attractive opportunities for investors in 2019,” Asher
said.
CONTACTS:
Anne Monaghan Bill Asher, EVP
Monaghan Communications Hanley Investment Group
830.997.0963 949.585.7684
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