Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in the sale of commercial properties, recently announced that the company has arranged the sale of two multi-tenant retail properties at Highland Mall Village, a store anchored in Sprouts. Fontana center.
The two buildings, which totaled 13,515 square feet, closed at over $11 million.
This transaction marks the eighth property sold by Hanley Investment Group in Highland Village, totaling 61,123 square feet and approximately $40.8 million in total sales.
Hanley Investment Group executive vice presidents Kevin Fryman, Bill Asher and Jeff Lefko represented the seller, Adler Realty Investments, which completed development of the mall in 2018-19. The buyer was a private 1031 exchange investor based in Beverly Hills and was represented by Mark Stein of CPMC Realty in Palm Desert.
“Commercial developers continue to capitalize on the execution of the sell-out strategy due to the continued high level of demand from investors seeking new single-tenant and multi-tenant construction in today’s market.” Freeman said. “The sales of the two multi-tenant buildings in Highland Village were a great example of matching a commercial investment that was not yet officially on the market with the acquisition criteria of a specific investor seeking to achieve a 1031 exchange. We were able to identify and source the buyer in an off-market transaction and complete a year-end close to meet both parties’ objectives.
The two multi-tenant retail properties are located at 16918-16938 South Highland Avenue on an exterior lot to a 30,000 square foot Sprouts Farmers Market at the hard corner, signposted intersection of Highland Avenue and Sierra Avenue. Pad tenants include Cafe Rio, Jersey Mike’s Subs, Fatburger, Oggi’s Pizza, AB Barber, and Crumbl Cookies. Other mall tenants include Sit ‘n Sleep, Raising Cane’s Chicken Fingers, Jack in the Box, Pacific Dental, Quick Quack Car Wash, and Mountain View Tire and Auto Service.
Fryman, Asher and Lefko of Hanley Investment Group previously arranged the sale of an 8,400 square foot Sit ‘n Sleep, 7,500 square foot multi-tenant retail building adjacent to Sprouts, a Quick Quack land lease Car Wash; as well as sales of Sprouts, Mountain View Tire and Auto Service, Raising Cane’s and Jack in the Box, each in separate single-tenant transactions at the Highland Village Mall. Hanley Investment Group’s sale of Quick Quack Car Wash was the first single-tenant Quick Quack to be sold as a net rental investment in California.