FRESNO, Calif. – 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 a 100%-occupied multi-tenant net-leased retail investment situated on an outparcel to a grocery-anchored shopping center in Fresno, California.
Hanley Investment Group’s Executive Vice President Eric Wohl and Associate CJ Kiehler represented the seller, a New York-based real estate investmenttrust that owns and operates a high-quality, national portfolio of open-air shopping centers. The buyer, a local private investor, represented themselves.
“We generated 22 qualified offers during our marketing process and secured a local 1031 exchange buyer who already had an experienced property manager ready to take over,” Wohl said. “The all-cash buyer closed escrow with a vacant former theatre building not yet occupied located behind the pad site.”
Wohl adds, “This is the final piece in the execution of the shopping center break-up-sale strategy. Previously, Hanley Investment Group sold the freestanding Buffalo Wild Wings property.”
The 15,000-square-foot retail pad building, the Shops at Broadway Faire, sits on 1.43 acres and was built in 1995. It is located at 3367-3385 West Shaw Avenue, at the signalized hard-corner intersection of West Shaw Avenue and North Valentine Avenue, with a combined 63,500 cars per day.
The Shops at Broadway Faire houses five tenants: Red Robin restaurant, which has 47% of the gross leasable space; FedEx Office, an investment grade tenant that recently signed a brand new 10-year lease, relocating from across the street; Conroy’s Flowers, which recently executed a new 10-year renewal; Liquor 4U, which recently extended for an additional five years with a rental increase; and OneMain Financial, which recently exercised its five-year option.
According to Wohl, “The investor is acquiring a well-located, net-leased investment with a strong national tenancy leased to internet-resistant tenants and recent leasing momentum, confirming the strength of the location. The Shops at Broadway Faire has a history of long-term occupancy with 73% of the GLA operating at the site for more than 15 years; 87% of the GLA is made up of national tenants.”
The Shops at Broadway Faire is situated on an outparcel to a FoodMax grocery-anchored shopping center with other national tenants, including Ross Dress for Less McDonald’s, Buffalo Wild Wings, America’s Tire, and Leslie’s Pool Supplies.
The property offers excellent visibility due to its signalized corner location, large signage, and two monument signs. The site also offers convenient highway accessibility as it is only two miles east of California State Route 99, which has 84,000 cars per day.
The property benefits from the dense retail corridor with nearby national and credit tenants, including Target, Walmart Supercenter, The Home Depot, Costco, Smart & Final, Dick’s Sporting Goods, Kohl’s, Foods Co., dd’s Discounts, Big Lots, WinCo Foods, and more. The shopping center is also less than 15 minutes from the 388-acre college campus of California State University, Fresno, with 21,924 students.
Fresno is the largest city in the Central Valley and the fifth-largest city in the state of California. Fresno serves as the economic hub of California’s Central Valley, with 35% job growth predicted over the next 10 years.
Fresno County is the second top agriculture-producing county in the United States, with a total production exceeding $8.1 billion. Notable manufacturing and distribution centers in the area include Sun-Maid Growers of California, David Sunflower Seeds, Kraft Foods, Foster Farms Dairy, and Petco.
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with over an $11 billion transaction track record that specializes in the sale of retail properties nationwide. Our expertise, proven track record, and unwavering dedication to putting clients” needs first set us apart in the industry. Hanley Investment Group creates value by delivering exceptional results through the use of property-specific marketing strategies, cutting-edge technology, and local market knowledge. Our nationwide relationships with investors, developers, institutions, franchisees, brokers, and 1031 exchange buyers are unparalleled in the industry, translating into maximum exposure and pricing for each property. With unmatched service, Hanley Investment Group has redefined the experience of selling retail investment properties.
For more information, visit www.hanleyinvestment.com.
Media Contact
Company Name: Hanley Investment Group Real Estate Advisors
Contact Person: Eric Wohl, Executive Vice President
Email: Send Email
Phone: 949.585.7673
Address:3500 East Coast Highway, Suite 100
City: Corona del Mar
State: California
Country: United States
Website: https://hanleyinvestmentgroup.com/
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To view the original version on ABNewswire visit: Hanley Investment Group Arranges Sale of Multi-Tenant Retail Pad to Grocery-Anchored Center in Fresno, Calif.