Hanley Investment Group Represents Seller in Sale of $4,500,000 Multi-Tenant Auto Center in Rowland Heights, Calif.
September 06, 2007 (PRLEAP.COM) Business NewsIRVINE, CALIF. – Hanley Investment Group Real Estate Advisors, one of the most dominant retail investment groups in Southern California and a market leader in the sale of retail properties, announced today Edward B. Hanley and Kevin T. Fryman of Hanley Investment Group represented the seller in the sale of a multi-tenant automotive center in Rowland Heights, Calif. The purchase price was $4,500,000.
The 27,309-square-foot multi-tenant automotive center, known as Rowland Heights Auto Center, is located at 18955-18967 Labin Court in Rowland Heights. Situated adjacent to the 60 Freeway, easily accessible from Nogales Street, the property is situated on 1.72 acres and consists of 12 tenants including Colima Auto Repair, Brake Express, Topnotch Auto, One Stop Auto and Speedway Muffler. Built in 1989, the three-building property is 100% occupied and has 31 years remaining on the ground lease.
“This was a rare opportunity to acquire a multi-tenant auto center in a dense in-fill location,” said Edward Hanley, president at Hanley Investment Group. “The property is a very stable investment opportunity that benefits from a long history of stable occupancy which includes 9 of the 12 tenants having occupied space at the property since 1993.”
“We procured the ideal buyer for the asset, an experienced leasehold property owner,” added Kevin Fryman, senior associate at Hanley Investment Group. “Leasehold dispositions have historically been challenging sales, as the buyer pool for these types of properties is much smaller than that of traditional fee simple assets. The buyer immediately became comfortable with the property being Leasehold and fulfilled his investment objectives by adding another leasehold asset to his portfolio.”
The buyer, a private investor based in Sherman Oaks, Calif., was represented by Greg Sklar of RE/MAX in Los Angeles, Calif. and Bob Hoyt of Colliers International in Irvine, Calif. The seller was Diamond Development, LLC from Solana Beach, Calif.
Built on a solid foundation of performance, integrity and dedication, Hanley Investment Group Real Estate Advisors is a boutique retail investment advisory firm with a $1 billion transaction track record that is comprised of innovative specialists delivering unparalleled service and superior results that consistently exceed client expectations. Hanley Investment 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 Investment 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 Investment 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.hanleyinvestment.com or call (949) 585-7610.
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Edward B. Hanley, President
Hanley Investment Group
Real Estate Advisors
2569 McCabe Way, Suite 100
Irvine, California 92614