Hanley Investment Group’s Urban Retail Division Has Sold Over $120 Million in Landmark Property Transactions in LA in Last 12 Months
IRVINE, CALIF. – July 23, 2014 – (RealEstateRama) — Hanley Investment (HI) Urban Retail Advisors, a division of Hanley Investment Group Real Estate Advisors, specializing in the sale and advisory of mixed-use and urban retail properties in dynamic commercial districts across the United States, announced today that Hanley Investment Group’s Senior Vice President Eric P. Wohl, along with HI Urban Retail Advisors’ President Carlos J. Lopez, represented the buyer and seller in the sale of The Shops at Library Court located at 630 W. 6th Street in Los Angeles, Calif. The purchase price was $6.95 million.
“Downtown Los Angeles has truly evolved into a 24-hour bustling metropolis,” said Lopez. “The future growth is unparalleled to any other major downtown city in the United States. The Shops at Library Court sits in the middle of all the dynamics of Downtown Los Angeles including finance, hospitality, high density residential and entertainment.”
The Shops at Library Court is a high-profile retail property situated in the heart of the Financial District in Downtown Los Angeles. The property sale consists of 9,903-square-feet of highly visible retail units beneath 90 luxury loft condominiums in one of the most vibrant commercial districts in the City of Los Angeles. The Shops at Library Court is centrally located with easy access to dining, entertainment and corporate offices. With weekday employment population in excess of 500,000 people, the property benefits from strong foot traffic. The Shops at Library Court is ideally positioned as a trophy Downtown Los Angeles asset. The property was 100% occupied at the close of escrow and includes Ocho Mexican Grill, Loose Leaf, Subway, Mitaki, Library Bar and Sixth Street Tavern.
“Utilizing our extensive database, we were able to procure a qualified 1031 exchange buyer who paid a very aggressive cap rate, despite having to assume a CMBS loan at an above market interest rate, and dealing with one of the tenants requesting a major rent concession,” said Wohl.
The buyer was a private investor from Arcadia, Calif. The seller was a private investor from San Francisco, Calif.
This sale marks the 14th sale in over a year that Lopez has brokered in Los Angeles County. As a specialist in the sale of urban retail/commercial buildings in the Los Angeles area, in the last 12 months Lopez has sold more than $120 million in retail properties in Los Angeles County, primarily in Downtown Los Angeles, Pasadena, Hollywood and West Los Angeles.
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 brokerage firm with a $4+ billion 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.
About HI Urban Retail Advisors
HI Urban Retail Advisors is a retail investment division of Hanley Investment Group Real Estate Advisors specializing in the sale and advisory of high profile mixed-use and urban retail properties in dynamic commercial districts across the United States. Built on unsurpassed dedication and an impressive track record of performance and results, HI Urban Retail Advisors consistently exceeds client expectations through its unparalleled, comprehensive knowledge of urban retail from a national and global perspective.
Whether it is situated in a well-located, dynamic commercial district, or in conjunction with a mixed-use project, urban retail is a very specific product type within the overall retail marketplace. HI Urban Retail Advisors guides clients in attaining the highest returns through its exceptional experience and responsive team that thoroughly comprehends this unique and growing market segment. HI Urban Retail Advisors utilizes its innovative expertise to lead property owners through complex issues relating to land use and the progressive revitalization of high density urban areas to effectively help clients understand the significant characteristics of each urban retail asset and its optimum positioning and value.
HI Urban Retail Advisors works closely with investors to develop and maintain long-term relationships and has successfully accumulated a highly targeted database of mixed-use and urban retail property investors and owners from every major urban market in the country that is unmatched in the industry. HI Urban Retail Advisors’ concentrated expertise and exclusive focus on mixed-use and urban retail properties translate into measurable results and is the reason that clients rely on HI Urban Retail Advisors to be the most dependable source for valuation services, market information and urban retail investment sales. For more information, visit the Company’s website at www.hiurbanretail.com or call (949) 585-7610.