Hanley Brown Group Represents Seller in the $7.5 Million Sale of Multi-Tenant Retail Center in Temecula, CA; Sale Represents One of the Area’s Highest Prices Per Square Foot at 5.35% Cap Rate
March 31, 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 Edward B. Hanley and Eric L. Werner of Hanley Brown Group represented the seller in the sale of Margarita Square, a multi-tenant retail leased investment in Temecula, Calif.
The 11,775-square-foot building sold for $7,500,000 at a cap rate of 5.35%, which represented one of the highest prices per square foot deals in this area.
Located at the signalized corner of Highway 79 and Margarita Road, Margarita Square is an out-parcel to a community shopping center anchored by Albertsons/Sav-on, Home Depot and Staples. Recently built in 2005, Margarita Square consists of six tenants that include Bank of America, Cingular Wireless, Coffee Bean & Tea Leaf, Dippin’ Dots, Jamba Juice and Postal Annex.
The buyers were private investors from Beverly Hills, Calif. and were represented by Phil Seymour of Elite Properties Group in Beverly Hills, Calif. The seller was Howser Ewing Companies of Newport Beach, Calif.
“Both the buyer and seller were extremely pleased with this transaction. We fulfilled a difficult 1031 requirement for the buyer while delivering a record high price per square foot for the developer,” says Edward Hanley, president of Hanley Brown Group Real Estate Advisors.
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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