Tuesday, June 27, 2017

Hanley Investment Group Completes Sale of Brand New Two-Tenant Retail Property in La Quinta, CA for $8.86 Million


Washington Park Shopping Center Retail Building, 78-825 Highway 111, La Quinta, CA

Bill Asher
LA QUINTA, CA - Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced the firm completed the sale of a two-tenant retail building occupied by T.J. Maxx and ULTA Beauty at 78-825 Highway 111 in La Quinta, Calif.

The 33,708-square-foot pad building is part of Washington Park Shopping Center, which includes major tenants Target, Lowe’s, Trader Joe’s, ALDI, Stein Mart and Century Theatres. The sale price was $8,862,500.

Hanley Investment Group's Executive Vice President Bill Asher and company President Ed Hanley represented the seller, a private partnership based in Southern California. The buyer, a private investor from Los Angeles, was represented by Steven Gelber of Gelber Realty Corporation in Los Angeles.


Ed Hanley
Remodeled in 2016, the building is situated on 3.61 acres within the Washington Park Shopping Center at the signalized intersection of Highway 111 and Simon Drive and immediately surrounded by notable retailers ALDI, Chase Bank, Lowe’s and In-N-Out. T.J. Maxx and ULTA Beauty featured two new corporate-backed long-term leases.

Asher said that there was no shortage of interest in the property due to its location, quality of tenants and long-term leases.

 “We generated multiple qualified offers and ultimately proceeded with an all-cash 1031 exchange buyer based in Southern California who owned other similar assets in their portfolio,” said Asher. “We negotiated a one-week contingency period with a 30-day closing.”

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

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