Gateway Village Sold for $47M in Los Angeles Suburb

Grand Gateway I, II, and III L.L.C. has acquired the 96,959-square-foot shopping center located in Chino Hills, Calif.,  from Gateway Village I, II, and III L.P.  for $47.2 million, or $487 per square foot. Hanley Investment Group Real Estate Advisors represented both the buyer and the seller in the transaction. Gateway Village (pictured) is located at 3560-3670 Grand Avenue and sits on 13.86 acres of land adjacent to the State Highway 71 freeway at the Grand Avenue exit. Approximately 81 percent of the total property’s square footage consists of national and regional credit tenants that includ Henry’s Market, Baja Fresh, Bank of America, Chevron, Coffee Bean & Tea Leaf, Chick-Fil-A and Chili’s. The eight-building property consists of three phases. Phase I and II were built in 2003, while Phase III was built in 2006. The property was 100 percent occupied at the time of sale.“The property is a high profile, pride of ownership investment that boasts an exceptional tenant mix, irreplaceable location, newer construction, and outstanding demographics,” Edward Hanley, president of Hanley Investment Group, said in a release. “The transaction represented a record breaking price per square foot in the county for a neighborhood shopping center and at the same time satisfied the buyer’s return on capital requirement. Both the buyer and seller were extremely pleased with the closing of this transaction.”