Riverside-San Bernardino, CA (1888PressRelease)
March 17, 2006 - IRVINE, CA – Hanley Brown Group Real Estate Advisors, one of the most dominant retail investment groups in Southern California and a market leader in the exclusive representation of owners in the sale of shopping centers, announced today Edward B. Hanley and Kevin T. Fryman of Hanley Brown Group represented the seller in the sale of a single-tenant NNN leased investment with Hollywood Video in Moreno Valley, Calif. The 5,000-square-foot pad building sold for $2,055,000 at a cap rate of 6.00%, which was a record setting low cap rate for Hollywood Videos on the market at the time of the transaction.
Located at the northwest corner of Indian Street and Alessandro Boulevard, Hollywood Video is situated on a .74-acre parcel of land with seven years remaining on their initial lease term. Built in 2001, the Hollywood Video is part of a Food 4 Less anchored shopping center and shares tenancy with Church’s Chicken, McDonald’s, a Mobil gas station and a brand new 20,494-square-foot strip center that has just finished construction.
The buyer, a private investor from Costa Mesa, Calif., was represented by Allen Buchanan of Lee & Associates of Anaheim. The seller was a private investor from Newport Beach, Calif.
“The market for single-tenant NNN assets of this type is still very much in high demand,” says Hanley. “This transaction represented a record setting low cap rate for Hollywood Videos on the market at the time of the transaction.”
About Hanley Brown Group Real Estate Advisors Hanley Brown Group Real Estate Advisors is one of the most dominant retail investment groups in Southern California and a market leader in the exclusive representation of owners in the sale of shopping centers. Based in Irvine, Calif., Hanley Brown Group is led by long-time industry veterans Edward B. Hanley and Gregory S. Brown, both designated CCIMs. As specialists in the sale of retail properties, Hanley Brown Group has earned a lasting reputation for its successful track record, investment expertise, dedication and integrity.
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