Hanley Negotiates Sale of Multi-Tenant Retail Center near Brigham Young University

by Scott Reid

Provo, Utah — Hanley Investment Group has completed the sale of a 13,620-square-foot, multi-tenant retail property located at the entrance to Brigham Young University in Provo. The sale price was not disclosed.

Ed Hanley, president of Hanley Investment Group, and Jeremy McChesney, a senior vice president, represented the buyer, a private investor from Los Angeles, as well as the seller, Peninsula Retail Partners of Newport Beach, California. Peninsula developed the property.

Located on 1.52 acres, the property consists of two multi-tenant retail buildings built in 2014 that are adjacent to a new CVS/pharmacy. (CVS was not part of the sale.) The property was 93 percent occupied at the time of the sale and includes tenants Noodles & Company, Rumbi Island Grill, Mooyah, Firehouse Subs, Papa John’s Pizza and Rita’s Ice.

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