Buyer Pool is Strong; Over 7 Qualified Offers Received
IRVINE, CA – November 20, 2013 – (RealEstateRama) — Hanley Investment Group Real Estate Advisors, one of the most dominant retail investment groups in the western United States and a market leader in the sale of retail properties, announced today that Patrick G. Kent of Hanley Investment Group represented the buyer and seller in the sale of a multi-tenant shopping center in Monument, Colo. The purchase price was $3,762,000.
Located at 556-590 W. Highway 105, in Monument, Colo., the 16,399-square-foot shopping center is situated on 1.62 acres and was built in 1995. Anchored by Safeway (not a part of the sale), the sale included 9 tenants such as UPS, Great Clips and Subway. The property was 100% occupied at the time of sale. The buyer closed all cash 10 days after the contingency removal date.
“The property was purchased due to its immediate intrinsic value with below market rents. The buyer plans to hold the property for a long period of time and enjoy the cash flow,” said Patrick G. Kent, senior vice president of Hanley Investment Group. “With over 7 qualified offers on the property, this sale sets a precedent that the buyer pool of multi-tenant retail is strong.”
The buyer was a private group from San Diego, Calif. The seller was a private investor from Highlands Ranch, Colo.
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 $3.5 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.