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