RANCHO CUCAMONGA, 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 Voit Real Estate Services, announced today that the two firms completed the sale of RC Plaza, a neighborhood shopping center at the signalized intersection of Archibald Avenue and East Foothill Boulevard in Rancho Cucamonga, California. The purchase price was $9,795,000.
Hanley Investment Group’s Executive Vice President Bill Asher and President Ed Hanley, along with Vice President Joe Miller of Voit Real Estate Services of Anaheim, California, represented the seller, a private partnership based in Orange County, California. The buyer, a private investor from Los Angeles, was represented by Eric Treibatch of Ophir Management Services Inc. of Encino, California.
Built in 1984, RC Plaza is comprised of nine retail buildings totaling 37,239 square feet and situated on 3.01 acres in San Bernardino County. National tenants include Starbucks (with a drive-thru) and Pizza Hut. The property purchased is the majority share of the RC Plaza shopping center, which includes an additional multi-tenant 15,717-square-foot building that is separately owned and was not a part of the sale.
“We generated a tremendous amount of interest due to the shopping center’s value-add investment attributes,” said Asher. “The asset featured an overall low price per square foot, below-market rents as well as a stand-alone Starbucks building positioned on a separate parcel, offering the future flexibility to sell off separately as a net leased asset.”
Asher continues, “We utilized a long-term broker relationship to successfully secure a buyer that clearly understood the many unique characteristics of the property, at a price that met the seller’s expectations. Our company believes in 100 percent cooperation with the outside brokerage community as we truly value the cooperating broker relationships we have built and continue to maintain in the industry.”
Approximately 71 percent of the existing tenancy has occupied space at the property since at least 2012, Asher said. “Starbucks constructed a drive-thru in 2006 and signed a new 10-year lease extension in 2015, which demonstrated their long-term commitment to the location,” Asher noted.
“Due to some challenging characteristics of the property, we strategically structured the buyer’s due diligence review ahead of finalizing a formal contract and opening escrow to best retain maximum value for the seller and facilitate a seamless and smooth transaction for both parties,” Hanley added.
“Shopping centers that provide future upside potential in today’s market are becoming more challenging for investors to find in southern California, which is why RC Plaza was highly sought-after during our marketing process and will continue to be the type of retail asset in high demand for investors,” noted Hanley.
About Voit Real Estate Services
Voit Real Estate Services is a privately held, broker owned Southern California commercial real estate firm that provides strategic property solutions tailored to clients’ needs. Throughout its 45+ year history, the firm has developed, managed and acquired more than 64 million square feet, managed $1.4 billion in construction projects and completed in excess of $48.1 billion in brokerage transactions encompassing more than 46,000 brokerage deals. Voit’s unmatched expertise in Southern California brokerage, investment advisory, financial analysis, and market research enable the firm to provide clients with forward-looking strategies that create value for a wide range of assets and portfolios. Further information is available at www.voitco.com.
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.
MONAGHAN COMMUNICATIONS, INC.