Hanley Brown Group Represents Buyer and Seller in the $2.3 Million Sale of Hollywood Video/Quiznos in Pasadena, Texas
March 21, 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 of shopping centers, announced today Eric P. Wohl of Hanley Brown Group represented the buyer and seller in the sale of a Hollywood Video/Quiznos two-tenant net leased investment in Pasadena, Texas. The 6,656-square-foot pad building sold for $2,175,000 at a cap rate of 6.89%.
Located just east of the signalized intersection of Fairmont Parkway and Preston Avenue, the Hollywood Video/Quiznos building is situated on a 0.81-acre parcel of land. Built in 1999, the Hollywood Video/Quiznos building is located along the main retail thoroughfare in Pasadena with such tenants as Wal-Mart Supercenter, Super Target, Kohl’s, Lowe’s and Walgreens in the immediate trade area. The property features excellent visibility and is easily accessible from the Sam Houston Tollway and the I-45 Freeway.
The buyer was a private investor from West Hollywood, Calif., and the seller was a private investor from Alta Loma, Calif.
“This was a unique transaction as both the buyer and seller were located in California. We fulfilled a difficult 1031-exchange for the buyer while delivering a record price for the trade area to the seller,” said Edward Hanley, President of Hanley Brown Group.
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 shopping centers. Based in Irvine, Calif., 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.
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For more information on this transaction, please contact:
Edward B. Hanley
Hanley Brown Group Real Estate Advisors