Hanley Investment Closes Southern California Retail Sale
Executive Vice President Matt Burnett represented both buyer and seller in the disposition of the Inland Empire property.
961 N. Milliken Ave. Image courtesy of Hanley Investment Group
Hanley Investment Group has completed a $4 million, all-cash sale of a two-tenant retail pad property in Ontario, Calif. Executive Vice President Matt Burnett represented both the buyer and seller, two private investors.
The asset traded at a 5.4 percent cap rate, the lowest multi-tenant acquisition yield in the Inland Empire region for a second-generation building in the past year, according to Burnett.
Built in 2002, the 6,300-square-foot building is located on a 1-acre parcel at 961 N. Milliken Ave. The property’s long-term tenants, Assure Dental and Verizon Wireless, occupy a respective 3,500 and 2,800 square feet under net leases.
The property is shadow-anchored by a Sam’s Club and is within 35 miles of downtown Los Angeles. The building is at a signalized entrance to the nearby Marketplace at Ontario Center and across from Simon’s 1.5 million-square-foot Ontario Mills Mall.
Earlier this month, Hanley represented the sellers in the disposition of two retail properties in Knoxville, Tenn., and Somerset, Ky. The assets traded for $7 million in an all-cash deal.
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