{"id":1004166647,"date":"2017-02-14T05:42:24","date_gmt":"2017-02-14T13:42:24","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004166647"},"modified":"2022-12-05T20:10:10","modified_gmt":"2022-12-06T04:10:10","slug":"hanley-investment-sells-17m-shopping-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hanley-investment-sells-17m-shopping-center\/","title":{"rendered":"Hanley Investment Sells $17M Shopping Center"},"content":{"rendered":"<p>By Ariela Moraru<\/p>\n<div id=\"attachment_1004166648\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/Upland-Village.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004166648\" data-attachment-id=\"1004166648\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hanley-investment-sells-17m-shopping-center\/upland-village\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/Upland-Village.jpg\" data-orig-size=\"1500,1001\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Upland Village, Calif.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Upland Village, Calif.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/Upland-Village.jpg?w=1024\" class=\"wp-image-1004166648 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/Upland-Village.jpg\" alt=\"Upland Village, Calif.\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/Upland-Village.jpg 1500w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/Upland-Village.jpg?resize=300,200 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/Upland-Village.jpg?resize=768,513 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/Upland-Village.jpg?resize=1024,683 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004166648\" class=\"wp-caption-text\">Upland Village, Calif.<\/p><\/div>\n<p><strong>Los Angeles<\/strong>\u2014Hanley Investment Group Real Estate Advisors announced it has closed on\u00a0the sale of Upland Village for $17.2 million. The 60,857-square-foot grocery-anchored shopping center built in 1972 is located in Upland, Calif.<\/p>\n<p>The sale price represented a cap rate of 5.83 percent, a record low cap rate for a stabilized grocery-anchored shopping center in the Inland Empire. The two anchor stores are Grocery Outlet and Dollar Tree.<\/p>\n<p>The Orange County-based seller, Outpost Village LLC, was represented by Hanley\u2019s President Ed Hanley and Executive Vice President Bill Asher, together with the seller\u2019s exclusive advisor Joe Miller, vice president of Voit Real Estate Services of Anaheim, Calif. The buyer, a Southern California-based private investor, was represented by Peter Loh of RE\/MAX Realty 100 of Diamond Bar, Calif., and Paul Yang of RE\/MAX Vantage of Eastvale, Calif.<\/p>\n<p>Upland Village is located at 110, 130, 140 and 180 Mountain Ave., at the northeast corner of Mountain Avenue and West 8th Street in the city of Upland in San Bernardino County. According to Asher, the property\u2019s top selling point was the long-term tenancy by its two anchor stores which own more than 50 percent of the occupied square footage. In addition, the center had 100 percent occupancy by both national and regional tenants at the time of the sale.<\/p>\n<p>\u201cWith interest rates increasing 50-75 basis points in the last three months, Upland Village could very well represent one of the last stabilized grocery-anchored shopping centers to sell for a sub-six percent cap in San Bernardino and Riverside counties,\u201d said Asher in prepared remarks. \u201cInterest rates are going to have a substantial impact on values moving ahead for anchored shopping centers priced at $10 million and above in the Inland Empire. Unless there are compelling metrics such as reported high-volume store sales for anchor tenants within the shopping center, we anticipate values for the similar type of assets like Upland Village to transact at a six-percent cap and above moving ahead, if interest rates continue to stay at their current levels.\u201d<\/p>\n<p><em>Image courtesy of Hanley<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 60,857-square-foot property was completed in 1972 and is located in Upland, Calif.<\/p>\n","protected":false},"author":960,"featured_media":1004166648,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,1594,21742,21749,15],"tags":[33902],"class_list":["post-1004166647","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-los-angeles","category-latest","category-retail","category-west","tag-hanley-investment-group"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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