Hanley Brown Group Represents Buyer & Seller in Sale of Buena Park Center in Buena Park, Calif. for $5,250,000
January 25, 2006 (PRLEAP.COM) Business NewsIRVINE, CA – Hanley Brown Group Real Estate Advisors, one of the most dominant retail investment groups in Southern California and a market leader in the exclusive representation of owners in the sale and purchase of retail properties, announced today Jeremy S. McChesney of Hanley Brown Group represented the buyer and seller in the sale of Buena Park Center, a 15,526-square-foot multi-tenant shopping center located at the northwest corner of Beach Boulevard and Stage Road in the City of Buena Park, Calif. The purchase price was $5,250,000 at a 5.78% cap rate.
Built in 1977 on 1.48 acres, Buena Park Center features five tenants in two buildings located at a signalized intersection, adjacent to a drive-thru Burger King that was not a part of the sale. Buena Park Center is in a prime Orange County location that will continue to benefit from growing traffic counts on Beach Boulevard. The project was 100% occupied at the time of the sale.
“This investment provides the buyer with an exceptional opportunity to own a multi-tenant retail center with upside potential in an excellent north Orange County in-fill location,” says Jeremy McChesney. “This transaction represented a historically low cap rate for a multi-tenant shop sale in the City of Buena Park.”
The seller was a private investor based in San Diego County and the buyers were two individuals based out of Orange County.
McChesney is an expert in the Orange County retail investment market, and has been instrumental in closing over 30 retail transactions valued in excess of $75,000,000 during his career. His extensive work with clients ranging from private investors to larger institutional clients has allowed him to develop tremendous market knowledge, exceptional transaction expertise and an extensive investor and property database, which includes all commercial retail property in the north Orange County area.
About Hanley Brown Group Real Estate Advisors
Hanley Brown Group Real Estate Advisors is one of the most dominant retail investment groups in Southern California and a market leader in the exclusive representation of owners in the sale of retail shopping centers. Based in Irvine, California, Hanley Brown Group is led by long-time industry veterans Edward B. Hanley and Gregory S. Brown, both designated CCIMs. As specialists in the sale of retail properties, Hanley Brown Group has earned a lasting reputation for its successful track record, investment expertise, dedication and integrity. For more information, visit the Company’s website at www.hanleybrown.com or call (949) 585-7610.