STANTON, 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 has completed the sale of a single-tenant net lease Smart & Final Extra! located in Orange County, California. The sale price was $11.3 million.
Hanley Investment Group’s Executive Vice President Eric Wohl, along with President Ed Hanley and Associate CJ Kiehler, represented the seller, 7050 Katella Avenue, LLC. One of the primary investors and Managing Member of this LLC was The Altemus Company based in West Los Angeles. The buyer, a private investor from Los Angeles, was represented by Oliver Wang of RE/MAX Premier Properties of Arcadia, California.
The 30,476-square-foot building occupied by Smart & Final Extra! is located on 2.55 acres at the signalized intersection of Katella and Knott avenues, in the city of Stanton. The property was built in 1974 and remodeled in 2008.
According to Wohl, Smart & Final has operated in the sub-market since 1996 and relocated to the subject property under the “Smart and Final Extra!” concept. Smart & Final has operated at this location since 2008 and has invested approximately $2 million in tenant improvements.
“Well-positioned in a dense, affluent market, the property is situated at a busy intersection (combined 64,000 cars per day), surrounded by retailers, industrial, office and residential, which was attractive to investors,” said Wohl. “We procured multiple qualified offers and negotiated two closing extensions to assist the seller with their 1031 exchange upleg.”
Retailers Target, Ross, BevMo!, Dollar Tree, Starbucks, Goodyear, Habit Burger and Olive Garden are all located at the same intersection. Other nearby national credit tenants include Costco, Food 4 Less, Hobby Lobby, Vons, LA Fitness, and more. The property also benefits from its central location in the dominant retail corridor with convenient access to Interstates 5, 91, 22 and 605 freeways.
The property is surrounded by over 20 million square feet of industrial and office space with major companies including UnitedHealthCare, Boeing, Yamaha, Mitsubishi, Fujifilm, Rolls-Royce, and others. The daytime population exceeds 582,000 in a 5-mile radius. The immediate 1-mile trade area has an average household income that exceeds $96,600.
Smart & Final is also 6 miles from Disneyland (18.7 million visitors each year), 5.7 miles from Anaheim Convention Center, the largest convention center on the west coast (1.8 million square feet), and less than 4 miles from Knotts Berry Farm (4.12 million visitors each year).
Smart & Final is one of the longest continuously operating food retailers in the United States and operates under two banners: Smart & Final and Smart & Final Extra!. Headquartered in Los Angeles, where its history dates back to 1871, Smart & Final operates more than 250 grocery and foodservice stores in California, Arizona and Nevada with additional stores in Northern Mexico operated through a joint venture.
Recently, Hanley Investment Group arranged the sale of a new, single-tenant Cardenas Markets in Whittier, California, for $14,810,250, representing a cap rate of 5.03%. Cardenas Markets is one of the leading Hispanic grocery chains in the country and this was the company’s first Los Angeles location.
According to Hanley, “As an essential business and daily-needs tenant, single-tenant grocery investments have remained one of the most sought-after retail assets in this market. Investors see a flight to safety and security in the grocery sector. Hanley Investment Group has experienced significant demand for single-tenant net lease grocery assets in markets across the U.S.”
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with a $7.7 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, sets 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.
Company Name: Hanley Investment Group Real Estate Advisors
Contact Person: Eric Wohl, Executive Vice President
Email: Send Email
Address:3500 East Coast Highway, Suite 100
City: Corona del Mar
Country: United States