Hanley logs 10 December retail property sales

Irvine, Calif. — Hanley Investment Group Real Estate Advisors closed out 2013 with 10 retail property sales totaling nearly $61 million in December. For the year, Hanley logged sales of more than $315 million. Among the December sales were:

• A private investor acquired the 84,796-sq.-ft. La Verne Courtyard in La Verne, Calif. Orchard Supply Hardware and Office Depot anchor the center. Other tenants include City Financial, Pizza Hut, Rubio’s Baja Grill, Quiznos and Magic Wok.

• A private investor from Los Angeles, Calif., purchased Knollwood Plaza, a 23,922-sq.-ft. shopping center in Granada Hills, Calif., for $10.6 million. The center is 100% occupied. Tenants include Starbucks, Curves, Pacific Dental, Stat4e Farm Insurance, The UPS Store and Bank of America.

• In Cerritos, Calif., a private investor acquired the 15,568-sq.-ft. Big 5 Plaza for $4.7 million. Big 5 Sporting Goods anchors the 100% occupied center. Other tenants include Subway, Castlehead Escrow and Providence Speech and Hearing.

• In Costa Mesa, Calif., a private investor acquired a 4,830-sq.-ft. retail center for $3 million, representing $621 per sq. ft. Built in 1995, the Orange County center is 100% occupied. Tenants include Yoshinoya, AT&T and GoldMax.

• A private investor purchased The Plaza Irvine, the 8,489-sq.-ft. retail component of three 15-story luxury residential condominium buildings in Irvine, Calif., for $3.7 million. Tenants in the fully occupied center include Phans55, Avocado Café, Fukada, Barry’s Bootcamp and Plaza Cleaners. The seller was Marshall Property & Development of Newport Beach.

• In Hesperia, Calif., in San Bernardino County, a private investor acquired a 5,000-sq.-ft. pad in a Stater Bros.-anchored shopping center on Main Street. The purchase price was $1.3 million, representing a cap rate of 6.77%.

• In Fresno, Calif., a single-tenant, 17,164-sq.-ft. NNN Smart & Final on H. Street sold for $6.3 million representing a cap rate of 5.75%. The investment comes with a new 25-year corporate NNN lease with multiple options to extend.

• Adler Realty Investment acquired Hamilton Crossings, a 48,470-sq.-ft. shopping center in Buford, Ga. The purchase price was not disclosed. Built in 2006, the 84% occupied center is across the street from a Super Wal-Mart-anchored center and in close proximity to Publix, Kohl’s and Home Depot-anchored centers.

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