Hanley Investment Group Negotiates Sale of Two Retail Centers for $29 Million

Palmdale and Torrance, Calif. – Pacific Plaza in Torrance, Calif., was 100 percent occupied at the time of the sale.

Sierra Commons, which is located on 9.8 acres, is leased to national and regional tenants including Ashley Furniture, Michaels, BevMo!, The Coffee Bean & Tea Leaf and Pacific Dental.Palmdale and Torrance, Calif. – Hanley Investment Group Real Estate Advisors has negotiated the sale of more than 128,000 square feet of retail space in Los Angeles County, California, totaling nearly $29 million, with the sale of Sierra Commons in Palmdale and Pacific Plaza in Torrance.

Patrick Kent and William Asher of Hanley Investment Group represented the seller, Grae Palmdale Landlord LLC of Los Angeles, in the sale of the leasehold-interest in Sierra Commons, a 104,811-square-foot community shopping center in Palmdale, for $18.3 million. The buyer was an investment group led by Progression Real Estate Investments of Los Angeles. The shopping center, which is located on 9.8 acres, is leased to national and regional tenants including Ashley Furniture, Michaels, BevMo!, The Coffee Bean & Tea Leaf and Pacific Dental. The center was built in 1994 and renovated in 2005, and was 90 percent occupied at the time of the sale.

In the second transaction, Hanley Investment Group represented the buyer and seller in the sale of Pacific Plaza, a 23,438-square-foot multi-tenant retail property in Torrance for $10.7 million. Jeremy McChesney, a senior vice president with Hanley Investment Group, represented the buyer, Metro Properties of Los Angeles. The seller, the Holt Group Inc. of Vancouver, Washington, was represented by Hanley Investment Group’s senior vice presidents Patrick Kent and Kevin Fryman. The 2.15-acre retail center includes tenants Subway, H&R Block, The UPS Store and BB’s Beauty Nail & Spa. Pacific Plaza was built in 1992, and was 100 percent occupied at the time of the sale.

   — Scott Reid

Tagged under