Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm arranged the sale of Huntington Oaks Center, a 250,787-square-foot community shopping center located at the intersection of Route 66 (Huntington Drive) and the Huntington Drive off-ramp of the 210 Freeway, in Monrovia, California. Tenants at the shopping center include Trader Joe’s, Burlington, Marshalls, Crunch Fitness, Kohl’s (not a part of the sale), Chili’s Grill & Bar, Mimi’s Cafe, Chipotle Mexican Grill, and Panda Express. The sale price could not be disclosed.
Huntington Oaks Center, built in 1984, is situated on 22.41 acres at 500-690 West Huntington Drive in Monrovia and is visible from the 210 Freeway. The shopping center was 75% occupied at the time of the sale. Within a five-mile radius, there are 345,000 people with an average household income of $188,000.
Hanley Investment Group represented the seller, a private investor based in Newport Beach, California. The Los Angeles-based buyer represented themselves. According to Hanley Investment Group, the company procured a buyer with whom it had previously executed similar complex transactions and who had strong big-box anchor tenant relationships, providing the seller with surety of closing. Additionally, by demonstrating the future value of leasing up the vacant spaces and implementing a break-up sale strategy to sell the individually parceled buildings, Hanley Investment Group was able to maximize the sale price.