CORONA DEL MAR, CALIF. – November 12, 2015 – (RealEstateRama) — Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that Eric Vu and Jeff Hauber completed the sale of a 2,900-square-foot retail building in Orange County for $1.2 million, representing a cap rate of 4.17%.
The two-tenant retail building is located on .32 acres at 14191 Newport Avenue, near the intersection of McFadden Avenue and Newport Avenue in Tustin, Calif.
Hanley Investment Group’s Vu and Hauber represented the seller, a private investor based in Southern California who owned the property for over 20 years. “The sale represents a rare opportunity to own commercial real estate on high profile Newport Avenue,” said Vu. “The property, which has upside potential, is leased to two long-term tenants.”
According to Hauber, “The property is located in a strong leasing market along Newport Avenue with excellent visibility, high traffic counts and convenient accessibility to both the 55 and 5 Freeways.”
Vu added, “Within a three-mile radius, there are 230,000 people with an average household income of $92,000. The buyer who lives nearby knows the quality of the immediate trade area. Investors are willing to pay the premium for quality assets in a low inventory market.”
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.