MAYWOOD, Calif. – (RealEstateRama) — Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm has completed the sale of Maywood Towne Center, a 20,510-square-foot multi-tenant retail center that is shadow-anchored by Food 4 Less and Rite Aid in Maywood, California. The sale price was $9.8 million.
Hanley Investment Group President Ed Hanley and Executive Vice President Bill Asher represented the seller, a family trust based in Los Angeles. The buyer was a private investor from Los Angeles and was represented by Marcus & Millichap in Los Angeles.
The property is located at 4444 Slauson Avenue and 5921-5925 S. Atlantic Boulevard in Maywood. The signalized intersection location at Slauson Avenue and Atlantic Boulevard, the two main thoroughfares in the city, feature more than 54,000 cars per day. The property is also situated one mile from the Interstate 710 on/off ramps with more than 177,000 cars per day.
According to Asher, this was the first time the property had been on the market in 33 years since it was acquired from the original developer when it was completed in 1985. The 1.43-acre property was 78 percent occupied at the time of sale.
“The buyer acquired an outstanding multi-tenant retail investment in an established infill Los Angeles location, with upside potential to lease up 22 percent vacancy in the immediate future,” said Asher. “Approximately 100 percent of the occupied square footage is leased to a favorable mix of internet-resistant restaurant and service-based tenants, a combination of retailers that will continue to be the most attractive to investors moving ahead. Nearly 90 percent of the occupied square footage is leased to national/regional retailers including Dental Masters, Ace Cash Express, L.A.’s Auto Insurance, Las Islas Marias, WaBa Grill, Wateria, Wingstop and Yum Yum Donuts.”
Maywood Towne Center features five points of ingress/egress along Slauson Avenue (23,500 cars per day) and Atlantic Boulevard (31,000 cars per day) with prominent pylon signage at the intersection and on Atlantic Boulevard, which was appealing to investors, according to Asher. The property also benefits from a daytime population of over 848,000 people within a five-mile radius; and close proximity to the Vernon and Commerce industrial parks and the BNSF Hobart Railyard with a combined 3,700 businesses over nearly 12 square miles. The property is also located within walking distance to Maywood Academy High School and the newly constructed Maywood Center for Enriched Studies, providing close food access to over 2,600 students.
“Investor demand for multi-tenant retail assets leased to internet-resistant, national credit tenants in dense infill locations with an opportunity to improve cash-flow long-term through additional lease-up will continue to be the most attractive opportunities for investors in 2019,” Asher said.
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 www.hanleyinvestment.com.
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