IRVINE, CA – June 10, 2013 – (RealEstateRama) — Hanley Investment Group Real Estate Advisors, one of the most dominant retail investment groups in the United States and a market leader in the sale of retail properties, announced today that Kevin T. Fryman, William B. Asher and Edward B. Hanley represented the buyer and seller in the sale of Barrett Creek Plaza in Marietta, Georgia. The purchase price was $7,785,000, which represented a 7.78% capitalization rate.
Barrett Creek Plaza is located at 125 Earnest Barrett Parkway in Marietta, across the street from Super Walmart and Publix-anchored centers as well as nearby the 1.2 million-square-foot Town Center at Cobb Mall anchored by Belk, JCPenney, Macy’s and Sears. The 28,481-square-foot multi-tenant shopping center is situated on 3.70 acres and was built in 2003. The center is leased to national and regional credit tenants including Axiom Staffing, Buffalo Wild Wings Grill & Bar, Chase Bank, Cheeseburger Bobby’s, Moe’s Southwest Grill and T-Mobile. The property was 89% occupied at the time of sale.
“The demand for well-located, unanchored, multi-tenant retail properties nationwide has started to see increased positive momentum in recent months,” said Kevin T. Fryman, a senior vice president at Hanley Investment Group. “The overall supply continues to remain low in the retail sector. With single-tenant net-leased investment cap rates compressing at accelerated rates, multi-tenant retail is serving as an excellent alternative for investors looking for double-digit returns with leveraged financing.”
“We generated multiple offers and procured an all-cash buyer that closed escrow at a sub-8% cap,” notes Fryman. “We are experiencing comparable activity on other similar unanchored multi-tenant retail with similar decreasing cap rate metrics that have paralleled the single-tenant market. If supply remains low, we anticipate investors to continue to lower their expectations on minimal acceptable returns for multi-tenant retail as long as interest rates stay steady.”
The buyer was a private investor from Miami Beach, Florida. The seller was Westwood Financial of Los Angeles, Calif.
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 three billion dollar 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.