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| Hamilton Center, 9502--9510 Hamilton Avenue, Huntington Beach, CA |
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| Eric Wohl |
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 completed the sale of Hamilton Center, a 6,800-square-foot multi-tenant shopping center
in Orange County, Calif., for $3.3 million, representing a cap rate of 4.77
percent.
Hanley Investment Group’s
Executive Vice President Eric Wohl
and President Ed Hanley represented
the seller, a local investment company.
Eric Vu, an associate with Hanley Investment Group, represented the buyer,
a local investor in a 1031 exchange.
Built in 1987 on .66
acres, the retail center is located at 9502-9510 Hamilton Avenue in Huntington
Beach, Calif. and includes tenants 7-Eleven, Whata Lotta Pizza, a dental office
and dry cleaners. Hamilton Center was 100 percent occupied at the time of sale.
“This is a rare coastal
Orange County strip center that immediately generated 10+ offers,” said Wohl.
“It is a trophy Huntington Beach location with a 100-percent occupied
multi-tenant strip center situated at a signalized intersection, one mile from
the ocean.”
Vu said that the buyer
sold his management-intensive apartment property and was looking for a quality
investment with ease of management. “We delivered a property that met all of
the buyer’s requirements; being in a highly-desirable Orange County market and
with excellent demographics of $105,000 within a one-mile radius of the
property was truly a ‘flight to quality’ for the buyer,” Vu added.
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| Ed Manley |
Other factors that made
the property appealing to the buyer was the long-term historical occupancy of
the tenants. “7-Eleven and Whata Lotta Pizza represent 51 percent of the square
footage and have successfully operated at the center since 1987 and 2000,
respectively,” Wohl noted.
Vu added that 7-Eleven
recently executed an early lease extension, which further speaks to the
strength of this location.
“Well-located multi-tenant
strip centers offer a viable alternative to single-tenant net-leased properties
as they offer an investor diversification of risk and, typically, a better
yield,” said Wohl. “And, with a recently renewed 7-Eleven as an anchor, the
buyer knows the center will have a strong draw for years to come."
Hanley Investment Group
Real Estate Advisors is a retail investment advisory firm with a $5 billion
transaction track record nationwide, who works closely with individual
investors, lending institutions, developers, and institutional property owners
in every facet of the transaction to ensure that the highest value is achieved.
For more information, visit www.hanleyinvestment.com.
For a complete copy of the company’s news release,
please contact:
Anne Monaghan
MONAGHAN COMMUNICATIONS,
INC.
830.997.0963
