Hanley Investment Group Real Estate Advisors closed a record-breaking year, GlobeSt.com has learned exclusively. In 2019, the retail firm closed $752 million in sales volume, a 30% increase over the previous year. The firm closed a total of 158 transactions across 30 states. The activity illustrates a strong demand for single- and multi-tenant net leased assets.
“2019 was another record year for Hanley Investment Group,” Ed Hanley, president of Hanley Investment Group, tells GlobeSt.com. “We worked with publicly traded real estate investment trusts, family trusts, partnerships and private investors. We also have represented national tenants such as Albertsons, RH and Macy’s in the marketing and sale of select real estate.”
In addition to breaking an internal record in terms of increased sales volume, Hanley also broke several cap rate records. The firm accomplished nationwide records for multi-tenant price per square foot and lowest cap rates for Starbucks, Raising Cane’s, Chipotle, Panda Express and 7-Eleven. In the car wash segment, Hanley also accomplished record cap rate for a single-tenant net-leased property nationwide.
While the company is based in Southern California, more than half of its deals were located outside of the state last year, an increasing trend and net lease and retail investors search for yield. “Hanley Investment Group has excelled at obtaining record cap rates for California real estate and moving buyers that do not want to pay top dollar for California real estate to properties outside of the state,” says Hanley. “More than half of our closings in 2019 were outside of California, which speaks to investors’ continued willingness to seek comparable investment opportunities in other markets across the country.”
As a result, the Midwest market became a top investment market for the firm. Last year, it set several regional-specific cap rate records in the Midwest for properties occupied by Aspen Dental, Boot Barn, Chipotle, Panera Bread, McDonald’s, Raising Cane’s Chicken Fingers and Wahlburgers restaurant.
This year will continue to be active for the investment firm, and well-located assets with strong credit tenants will continue to perform well in 2020. “Looking at the record number of properties that we have in escrow, upcoming and existing listings, plus a multitude of buyer requirements that we are currently working on, we expect that it will be another busy year,” says Hanley.