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Follow on Google News | Hanley Investment Group Arranges Multi-Tenant Retail Property Sale in FontanaBy: Hanley Investment Group Real Estate Advisors Hanley Investment Group's Executive Vice President Eric Wohl and Associate Andrew Cunningham represented the seller, Pacific Development Group of Newport Beach, California. Pacific Development Group is known as one of the preeminent shopping centers developers in California and has been responsible for the development of over 300 shopping centers ranging from small strip centers to large one million-square- Built in 2002 on 0.53 acres, the100-percent- According to Wohl, 73 percent of the tenants have occupied the property for 15+ years and all tenants have between 3 percent to 10 percent annual rent increases providing an ideal hedge against inflation. The tenants also have staggered lease expirations, which minimizes the property owner's exposure to tenant turnover. "This is a quality Inland Empire location with a strong operating history. The property benefits from high traffic counts and dense, affluent demographics and significant projected population growth," said Wohl. "It is positioned directly on Baseline Avenue at the I-15 on/off ramp, which is expected to see an increase of 250-300 percent in traffic flow over the coming years. By 2021, the one-mile population is expected to increase by 20 percent. Currently, there are more than 118,000 people within a three-mile radius and an average household income in excess of $110,000 within a one-mile radius." Cunningham said that the buyer was in a1031 exchange trading out of a residential property and the sale achieved the lowest cap rate and highest price per square foot for a retail strip center consisting of local credit tenants in San Bernardino County. "This transaction represents the continued investor demand for retail real estate assets located in the booming Inland Empire market," Cunningham noted. About Pacific Development Group Pacific Development Group and its partners currently own and manage approximately 3 million square feet of commercial buildings with approximately 600 tenants with a value in excess of $1 billion. These properties are located throughout California and consist primarily of major tenant anchored shopping centers. About Hanley Investment Group Hanley Investment Group Real Estate Advisors is a retail investment advisory firm with a $6 billion transaction track record nationwide, who works closely with individual investors, lending institutions, developers, and institutional property owners in every facet of the transaction to ensure that the highest value is achieved. For more information, visit https://hanleyinvestmentgroup.com/ End
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