Investors still seeking a flight to quality in all markets across the U.S.
CORONA DEL MAR, CALIF. – (RealEstateRama) — Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, in conjunction with Coldwell Banker DuFour Realty, announced today that the two firms completed the sale of a new construction single-tenant net-leased retail property occupied by ULTA Beauty at 2068 Dr. Martin Luther King Jr. Parkway in Chico, Calif. The sales price could not be disclosed.
Hanley Investment Group Executive Vice President Bill Asher, along with Mike Donnelly at Coldwell Banker DuFour Realty of Chico, Calif., represented the seller, Kitchell Development Company’s office in Del Mar, Calif. Cushman & Wakefield Senior Vice President Scott Borgia represented the buyer, Bay Area Properties from Santa Clara, Calif.
Hanley Investment Group procured an all-cash 1031 exchange buyer and structured a 30-day escrow with ULTA opening for business just a few weeks prior to closing. “We generated multiple offers in the initial 30 days of marketing, prior to ULTA opening for business, demonstrating that a flight to quality is what investors continue to seek in today’s retail investment market,” said Asher.