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, announced today that President Ed Hanley and Senior Vice President Kevin Fryman represented the seller in the sale of Bouquet Center in Santa Clarita, a 95% occupied, 148,903-square-foot grocery-anchored shopping center located in the Los Angeles metro area.
Bouquet Center is located approximately 35 miles northwest of downtown Los Angeles in an affluent neighborhood of Santa Clarita at 26502-26586 Bouquet Canyon Road. Built in 1985 on 12.26 acres, and completely renovated in 2007 at a cost of $7 million, the retail center is anchored by Vons, CVS and Ross Dress for Less, which represents 66% of the current tenancy. Other tenants include Chase, Citibank, Wendy’s, Baskin Robbins, Jersey Mike’s Sub, Little Caesars Pizza and Payless ShoeSource.
Bouquet Center is located at the signalized intersection of Newhall Ranch Road and Bouquet Canyon Road, one of the busiest intersections in Santa Clarita with 85,000 cars per day.
“This transaction was the result of our existing relationship with both the buyer and the seller,” said Hanley. “Bouquet Center provides the buyer with a high quality, stabilized asset with 86% national or regional tenants and long-term historical occupancy, which fits their acquisition parameters.”
The seller was a Los Angeles-based private investor. The buyer was a publicly-traded real estate investment trust.
“The market for core grocery-anchored centers in infill markets remains strong with interest from both the institutional buyers and private 1031 exchange,” said Fryman. “In 2016, we have seen an increase in supply as sellers recognize that today represents an ideal time to sell. There still remains limited properties available similar to the Bouquet Center in both size and quality.”
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a retail investment advisory firm with a $5 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.