Hanley Investment Group Arranges Sales of Two Multi-Tenant Retail Properties in Chino Hills, Calif. for $19 Million
CHINO HILLS, Calif. – RealEstateRama – 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 has completed the sales of two multi-tenant retail properties totaling 27,719 square feet near Highway 71 at the Grand Avenue entrance/exit in Chino Hills, California, for a combined value of $19,070,000. Both retail investments sold at the asking prices to separate buyers.
Hanley Investment Group’s President Ed Hanley and Executive Vice Presidents Bill Asher and Jeff Lefko represented the seller, VantageOne Real Estate Investments of Newport Beach, California, in both transactions.
“Investor demand for well-located, multi-tenant retail properties has been at unprecedented levels in the second half of 2021,” said Asher. “We generated many competitive and qualified offers on both Chino Hills Grand Plaza and Gateway Village, and secured two separate Southern California-based 1031 exchange buyers at 100% of the asking prices for both assets.”
Asher notes, “There was no shortage of interest in each property based on the quality of the location and lack of supply of comparable multi-tenant pad investments available for sale in the market the last six months. Investors, specifically those with 1031 exchange requirements, have been starved for multi-tenant retail product that meets their criteria, scrambling in search of the right deal. The environment has driven up pricing, competition, and resulted in record historic pricing for many sales in 2021.”
The first property that sold, Chino Hills Grand Plaza, is a 12,948-square-foot multi-tenant retail building on 1.64 acres at 3410 Grand Avenue in Chino Hills. Built in 2001, the 100%-leased, multi-tenant retail investment included: First Citizens Bank, Pacific Dental Services, It’s Boba Time and Pick Up Stix; and shares an entrance with The Shoppes at Chino Hills, the Inland Empire’s premier destination for shopping and dining, a 375,000-square-foot, open-air lifestyle center. Stores include Barnes & Noble, Banana Republic, Chico’s, Forever 21, H&M, Old Navy and Sephora. Restaurant and specialty food tenants include Trader Joe’s, California Pizza Kitchen, Chipotle, P.F. Chang’s and Yard House. Chino Hills Grand Plaza’s sale price was $11,425,000, which represented a 5.00% cap rate. The buyer was a private investor based in Burbank, California, and was represented by Ron Duong, senior vice president of Marcus & Millichap in Irvine, California.
The second property, Gateway Village, is a two-tenant, 14,771-square-foot retail building on 1.24 acres at the Sprouts Farmers Market-anchored shopping center and is 100%-leased to national tenants, Dunn- Edwards and Sit ‘n Sleep. Gateway Village’s sale price was $7,645,000. The buyer was a private investor based in Santa Clarita, California, and was represented by Tim Byrne, executive vice president, regional director of Compass. Gateway Village is located at 3570 Grand Avenue and has (71) freeway-visible frontage and pylon signage. Highway 71 is the main north/south Freeway in Chino Hills and connects Chino Hills to nearby San Gabriel Valley and Orange County.
Chino Hills Grand Plaza and Gateway Village are strategically positioned within the busiest location in the trade area with over two million square feet of retail and the Chino Hills City Hall, Chino Hills Community Center and Library, Ruben Ayala High School (2,565 students), and a new Kaiser Permanente Hospital nearby.
Chino Hills Grand Plaza benefits from over 60,000 cars per day at the intersection of Grand Avenue and Peyton Drive and is ideally situated less than a half-mile from the Grand Avenue on/off ramps. Gateway Village is located at the Grand Avenue on/off ramps. Highway 71 averages 105,000 cars per day.
Chino Hills is one of the most affluent cities in the Inland Empire. Within one mile of both properties, there is an average household income of $125,878 and 333,000 people living within a five-mile radius. Chino Hills has experienced an 8.5% population growth since 2010. Currently, there are approximately 1,260 residential units that have either been recently built or are planned in the city of Chino Hills.
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with an $8.8 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.
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