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Follow on Google News | Hanley Investment Group Sells Two Grocery-Anchored Shopping Centers in So. CAEdward B. Hanley of Hanley Investment Group represented the buyers & sellers in the purchase of 2 grocery-anchored shopping centers in Southern California, Marketplace at Palm Desert and Seabridge Marketplace in Oxnard.
By: Anne Monaghan / Monaghan Communications Situated on 12.40 acres, the 96,463-square- The seller was The Rinker Company of Newport Beach, Calif. The buyer was Marketplace LP of Orange, Calif. “The Marketplace @ Palm Desert was sought after by a multitude of investors due to its grocery and drug store anchored component in addition to the potential upside the property offered with leasing the remaining 10% of vacancy and two undeveloped pads,” said Edward Hanley, president at Hanley Investment Group. "We are seeing investment sales activity increase in the Coachella Valley as investors take advantage of low interest rates and improving leasing conditions." Seabridge Marketplace I in Oxnard is a 91,631-square- The seller was K&G/Seabridge I LLC, a developer based in Dana Point, Calif. The buyer was Retail Opportunity Investments Corp. (ROIC), a REIT and owner/manager of necessity-based retail properties based in San Diego, Calif. "One of the most active shopping-center investors in California, ROIC plans to lease the remaining available space quickly," Hanley noted. Early last year, Hanley represented ROIC (and the seller) in the purchase of Gateway Village, a 96,959-square- “This was an off-the-market transaction brought about by the need to extract the ownership from a very difficult lender. From start to finish, we closed in 7 days," Hanley said. "The sale of Seabridge Marketplace is a very good indicator that the retail investment market, particularly the grocery/drug anchored shopping centers, remains strong. Look for this demand to remain steady through 2012 as retail sales improve and the debt market becomes more active,” said Hanley. About Hanley Investment Group Real Estate Advisors 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 two billion dollar 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. End
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