IRVINE, CALIF. – Hanley Investment Group, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that in separate transactions Hanley Investment Group’s Executive Vice President Eric Wohl negotiated the purchase of four shopping centers owned by Cincinnati, Ohio-based institutional investment firm Phillips Edison & Company. The retail properties, which were located in either secondary or tertiary markets outside of California, sold for a combined value of over $24 million and totaled approximately 372,000 square feet. Hanley Investment Group has completed the sale of 11 Phillips Edison properties in 8 months and currently has two additional Phillips Edison-owned retail properties in escrow totaling 248,767 square feet.
“With the combination of our proven track record in secondary and tertiary markets across the country and our extensive national investor database, we continue to outperform local market brokers by procuring aggressive buyers who are comfortable in small to mid-size markets,” said Wohl.
Wohl negotiated the purchase of Sandy Marketplace, a 100,762-square-foot grocery and drug-anchored community shopping center located approximately 20 miles east of Portland, OR, along the heavily travelled Highway 26. The shopping center is anchored by Bi-Mart, Grocery Outlet and Dollar Tree and located at 36651-36911 Highway 26 in Sandy, OR. Built in 1985, Sandy Marketplace sits 9.28 acres and was 100% occupied at the time of the sale.
According to Wohl, “Sandy Marketplace is located on the only major corridor in Sandy or Mt. Hood. The shopping center offers signalized access and traffic counts exceeding 30,800 cars per day.”
In Pensacola, FL, Wohl negotiated the purchase of Ferry Pass Plaza, a 115,198-square-foot shopping center anchored by Ross Dress for Less, Dollar Tree and CVS (not a part of the sale).Built in 1979, the 12.30-acre shopping center is located at 8102 N. Davis Highway, at one of the most dominant retail intersections in Pensacola. N. Davis Highway (SR 291) has traffic counts of 60,500 cars per day. The property was 100% occupied at the time of the sale.
“Ferry Pass Plaza offered the buyerexcellent access and visibility on one of the most traveled intersections in Pensacola,” Wohl noted. “Other features that were attractive to the buyer included the potential upside through raising below market rents over time and that the shopping center was priced significantly below replacement cost.”
In Madison, TN,Wohl negotiated the purchase of Rivergate Square, an 82,088-square-foot shopping center located at 1558 Gallatin Pike North. Rivergate Square, which was 98% occupied at the time of the sale, is anchored by Home Depot (not part of the sale), Office Depot and Dollar General. The center is in close proximity to RiverGate Mall, anchored by Macy’s, Dillard’s, JCPenney and Sears.
“Rivergate Square features excellent frontage on the main retail thoroughfare with a traffic count in excess of 36,000 cars per day,” said Wohl. “This transaction represents another example of the type of demand we are seeing for well-located shopping centers within smaller markets that are leased by national and regional credit tenants.”
Less than 8 miles southwest of Downtown Richmond, VA central business district, Wohl completed the sale of Cross Pointe Marketplace, a 73,788-square-foot grocery-anchored shopping center anchored by Food Lion and Bryant & Stratton College. Built in 1988, the 10.20-acre shopping center is located at 8201 Hull Street Road in Chesterfield, VA. Hull Street Road has traffic counts of nearly 38,000 cars per day. The property was 98% occupied at the time of the sale.
“We were able to negotiate around the short-term nature of the Food Lion lease with less than spectacular sales figures and having the property’s co-anchor be a college,” said Wohl. “The buyer felt that the Richmond MSA offered a diverse and balanced economy, a high quality of life and low cost of living, and strong growth prospects.”
Wohl adds that favorable financing was put on each deal and all four transactions closed within nine days of each other.“As confidence in the retail investment market improves and lenders are willing to provide attractive financing for properties located in secondary markets, we will continue to see increased demand in markets where there was very little velocity only a few years ago,” Wohl noted.
About Hanley Investment Group
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.hanleyinvestmentgroup.com
Company Name: Hanley Investment Group Real Estate Advisors
Contact Person: Anne Monaghan / Monaghan Communications
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Phone: (949) 585-7671
Country: United States