Hanley Brown Group Represents Buyer in $5,600,000 Sale of 40,540 Sq. Ft. Multi-Tenant Retail Center in Desert Hot Springs, CA
July 13, 2006 (PRLEAP.COM) Business NewsIRVINE, CA - Hanley Brown Group Real Estate Advisors, one of the most dominant retail investment groups in the Western United States and a market leader in the exclusive representation of buyers and sellers in the sale of shopping centers, announced today Eric P. Wohl of Hanley Brown Group represented the buyer in the sale of a multi-tenant retail center in Desert Hot Springs, California. The purchase price was $5,600,000 at a 6.6% cap rate.
The 40,540-square-foot shopping center, known as Desert Hot Springs Towne Center, is located at the signalized intersection of Palm Drive and Two Bunch Palm Trail. The center was built in 1982 and is shadow anchored by Vons, McDonalds, Del Taco, World Savings and Big O Tires. The center, which is 100% occupied, consists of four buildings situated on a 5.38 acre parcel.
According to Eric Wohl, “This was a great opportunity for the buyer to acquire a grocery anchored shopping center with excellent upside potential located on the most dominant corner in Desert Hot Springs.”
The buyer was a private investor based in La Jolla, CA. The seller, which was represented by Sperry Van Ness of Redwood City, was a private investor based in Redwood Shores, California.
Built on a solid foundation of performance, integrity and dedication, Hanley Brown Group Real Estate Advisors is a boutique retail investment advisory firm with an $850 million transaction track record that is comprised of innovative specialists delivering unparalleled service and superior results that consistently exceed client expectations.
Hanley Brown Group’s expertise, commitment and unwavering focus of putting the client’s needs first have continued to set the company apart in the industry. Hanley Brown Group works closely with individual investors, developers, and institutional property owners in every facet of the transaction to insure that the highest value is achieved. Clients rely on Hanley Brown Group to be the most knowledgeable and trusted source for valuation services, market information and retail property acquisitions and dispositions. For more information, visit the Company’s website at www.hanleybrown.com or call (949) 585-7610.
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