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| Canyon Crossings, 2550 Canyon Springs Parkway adjacent to Interstate 215 and Highway 60 in Riverside, CA |
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| Ryan Gallagher |
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.
.JPG) |
| 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.
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| William L. Hutchinson |
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.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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