HUNTINGTON BEACH, CA – LBG REAL ESTATE COMPANIES, LLC (LBG), a Southern California-based investor in retail real estate, announces that the firm has completed the sale of a prime, newly-redeveloped retail center in Huntington Beach, Calif. to a private investor based in Orange County at a sale price of $18,555,000. The sale of the property was brokered by Ed Hanley, Bill Asher and Eric Vu of Hanley Investment Group in an off-market transaction.
The property is prominently located on the hard southeast corner of Brookhurst Street and Adams Avenue (10026 Adams Avenue and 20002 – 20052 Brookhurst Street) and contains approximately 24,000 square feet of building area on 1.96 acres. The property is surrounded by many leading national retailers, which provides a strong consumer draw to the intersection. These include Target, Kohl’s, Ralphs, Stater Bros., Sprouts, CVS/pharmacy, Chase Bank, JoAnn’s, Wells Fargo, Starbucks, and many others.
LBG acquired the property from US Bank on February 17, 2015, and completed its renovation and re-tenanting of the property in 12 months. The redevelopment included the relocation of US Bank, whose space was redeveloped for PetSmart, updating the façade, designing a new sign program, maximizing the parking plan/restriping, and redeveloping/demising the shop buildings.
The property has been leased to PetSmart, US Bank, Phenix Salon, Tenet Healthcare, and Orangetheory Fitness, achieving 100% stabilization. LBG handled the leasing in-house during ownership of the property.
LBG is led by principals Douglas Beiswenger, David Goldman, and Leslie Lundin.
Commenting on the property, Lundin said, “Due to the infill nature of this location and difficulty in developing new retail properties in Huntington Beach, this acquisition provided a unique redevelopment and lease-up opportunity. This property represents some of the only available prime vacant space in this otherwise fully-occupied submarket. The space has been held off the market because of the ground lease that recently expired otherwise it would be fully leased and redeveloped.”
Goldman added, “The site offers exceptional opportunities for retailers seeking a high-visibility location in a prime Orange County market. Not only are the storefronts themselves highly visible but the three monument/pylon signs surrounding the property ensure the best exposure possible to both of the primary arterial streets that comprise this premier intersection.”
“LBG’s redevelopment efforts resulted in the rare sale of a stabilized retail shopping center of this size and scope in central Orange County,” said Ed Hanley, president of Hanley Investment Group.
“Besides the Bella Terra mall and The Strand, this sale represents one of the largest non-grocery-anchored retail sales in the city of Huntington Beach in the last 10 years,” said Bill Asher, executive vice president at Hanley Investment Group.
“The retail investment market remains tight on supply of quality well-located assets in Orange County leased to corporate tenants with long term leases,” said Eric Vu, senior associate at Hanley Investment Group. “These assets are historically challenging to find as a majority of retail owners in the area are long-term holders due to the desirable dense infill coastal location.
About LBG Real Estate Companies
LBG Real Estate Companies, LLC is a privately-held real estate company that specializes in the acquisition, investment and development of commercial real estate in the United States with a focus on opportunistic retail investments. LBG’s key objective is to generate superior risk adjusted returns through value creation and income appreciation while minimizing risk. Each principal has over 20 years’ experience in commercial real estate, specializing in retail throughout their careers. Experienced with all major property types and geographic regions, LBG’s principals have executed on over 100 transactions, all opportunistic. See www.lbgfunds.com
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.hanleyinvestment.com.
Company Name: Hanley Investment Group Real Estate Advisors
Contact Person: Ed Hanley, President
Email: Send Email
Phone: (949) 585-7677
City: Corona del Mar
Country: United States