Ed Hanley of Hanley Investment Group closed 97 sales of retail properties totaling $562 million in 2017. Many of his deals set a new level for pricing in their local markets, and impacted the prices that investors are willing to pay for properties.
For example, he completed the $15-million sale of a rare fee-simple ground lease for 5.32 acres on South Lake Avenue in Pasadena, CA. The ground lies under The Shops on Lake Ave., a 131,153-square-feet retail complex. The buildings revert to the owner of the land once the 61-year ground lease runs out. Bidders submitted more than 20 qualified offers for the land, and the sale closed within 30 days.
Hanley also closed the $2.6-million sale of a newly constructed Starbucks in Redlands, CA, at a 3.76% cap rate. That’s one of the lowest cap rates nationwide for a single-tenant Starbucks, and one of the lowest cap rates for a fee-simple Starbucks in Southern California.