RIVERSIDE, CA-Hanley Investment Group Real Estate Advisors, one of the largest retail Investment groups In the western united states, has negotiated the sale of more than 122,000 square feet of retail space with the sale of Michaels Plaza and Stater Bros. Plaza in Riverside, CA.
The transactions totaled more than $20 million.
Edward Hanley, William Asher and Kevin Fryman of Hanley Investment Group, represented the buyer and seller in the sale of Michaels Plaza, located at 10321-10357 Magnolia Avenue, in Riverside, Calif. The 62,834-square-foot community shopping center, situated on 4.79 acres, is leased to national end regional tenants Michaels, David’s Bridal, Lamps Plus, AAA Gold Exchange, Armed Forces, GameStop and The Flame Broiler. The center was built In 1987 and was 97%occupled at the time of sale. The buyer was The Krausz Companies, Inc. of Irvine, CA. The seller was a private partnership based in Orange County.
“Michaels Plaza is located at one of the busiest intersections in the city of Riverside and benefits from unparalleled retail synergy directly across the street from the 1.2-million-square-foot Galleria at Tyler, the most prominent regional mall in Riverside County; said Edward Henley, president of Hanley .,vestment Group.
At the end of 2012, Hanley .,vestment Group sold the Chase Bank pad within the same project, a 6,160-square-foot building built In 1987, situated at 10355 Magnolia Avenue In Riverside. A1 $812 per square foot, It was the highest price per square foot for a retail property sale over $4 million In Riverside and San Bernardino counties since 2009.
In the second transaction, Hanley Investment Group’s Hanley and Asher represented the seller in the sale of Stater Bros. Plaza. The property is located at 6180 Arlington Avenue in Riverside. The grocery-anchored center is 59,79D square feet end situated on 4,75 acres. The center v.as built In 1980, remodeled In 1991, end Is leased to O’Reilly Auto Parts, Subway, Arlington Animal Hospital, and D’C8enro Pizza & Italian Restaurant. The center v.as 82% occupied at the time of sale. The buyer, a private Investor from Rancho Palo• Verdes, CA, ‘IMl8 represented by Nilufar Alemozaffar of CARETS Commercial of Los Angeles. The seller was a private partnership based in Orange County.