{"id":1004189340,"date":"2017-09-04T03:52:04","date_gmt":"2017-09-04T11:52:04","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004189340"},"modified":"2022-12-08T13:44:07","modified_gmt":"2022-12-08T21:44:07","slug":"hanley-arranges-22m-inland-empire-retail-sale","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hanley-arranges-22m-inland-empire-retail-sale\/","title":{"rendered":"Hanley Arranges $22M Inland Empire Retail Sale"},"content":{"rendered":"<p>By Ariela Moraru<\/p>\n<div id=\"attachment_1004189342\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/Michaels-Plaza-Riverside-Calif..jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004189342\" data-attachment-id=\"1004189342\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hanley-arranges-22m-inland-empire-retail-sale\/michaels-plaza-riverside-calif\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/Michaels-Plaza-Riverside-Calif.-e1504276459168.jpg\" data-orig-size=\"1350,1001\" 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=\"Michaels Plaza, Riverside, Calif.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Michaels Plaza, Riverside, Calif.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/Michaels-Plaza-Riverside-Calif.-e1504276459168.jpg?w=1024\" class=\"wp-image-1004189342 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/Michaels-Plaza-Riverside-Calif.-e1504276459168.jpg\" alt=\"Michaels Plaza, Riverside, Calif.\" width=\"300\" height=\"222\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/Michaels-Plaza-Riverside-Calif.-e1504276459168.jpg 1350w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/Michaels-Plaza-Riverside-Calif.-e1504276459168.jpg?resize=300,222 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/Michaels-Plaza-Riverside-Calif.-e1504276459168.jpg?resize=768,569 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/Michaels-Plaza-Riverside-Calif.-e1504276459168.jpg?resize=1024,759 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004189342\" class=\"wp-caption-text\">Michaels Plaza, Riverside, Calif.<\/p><\/div>\n<p>Hanley Investment Group Real Estate Advisors negotiated the sale of Michaels Plaza, a 62,952-square-foot, newly remodeled regional shopping center in Riverside, Calif. An affiliate of San Francisco-based The Krausz Cos. Inc. sold the property for around $22.2 million. The property was 98 percent occupied at the time of the sale.<\/p>\n<p>Located at 10303-10357 Magnolia Ave. on 5 acres, the property was built in 1987 and underwent a multimillion-dollar renovation in 2016 after Krausz acquired it in 2013. Michaels anchors the asset, while around 94 percent of the tenants are national or regional companies, including David\u2019s Bridal, Lamps Plus, Armed Forces, The Flame Broiler, GameStop and Miracle Ear.<\/p>\n<p>Hanley President Ed Hanley and executive vice presidents Bill Asher and Kevin Fryman represented the seller. The property\u2019s selling points were its location in a high-density retail trade area with over 2.5 million square feet of retail space within a one-mile radius. The asset is across the street from the 1.2 million square-foot Galleria at Tyler Mall, home to the only Nordstrom in the Inland Empire. Another draw was that around 83 percent of the tenants have been located at the shopping center since at least 2003 and that all existing tenants extended their leases for the last five years.<\/p>\n<p>Jefferson Kim of jKim Group Inc. worked on behalf of the 1031 exchange buyer, a private investor from Fullerton, Calif.<\/p>\n<h2>Inland Empire retail market<\/h2>\n<p>Hanley noted that eight <a href=\"https:\/\/www.commercialsearch.com\/news\/hanley-negotiates-29m-inland-empire-retail-sale\/\">Inland Empire\u00a0shopping centers<\/a> priced at more than $20 million have traded hands in the Inland Empire in the last 12 months and Hanley Investment Group negotiated three of the transactions.<\/p>\n<p><em>\u201cOverall, the retail investment market in the Inland Empire has continued to improve and be a viable alternative option to the competitive Los Angeles and Orange County markets,\u201d<\/em> said Hanley in prepared remarks. <em>\u201cWe have seen more transactions in the last 12 months in Riverside and San Bernardino County and, although we have seen more inventory, it still hasn\u2019t outweighed buyer demand.\u201d <\/em><\/p>\n<p><em>Image courtesy of Hanley Investment Group\u00a0 <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 62,952-square-foot newly remodeled regional shopping center in Riverside, Calif., was 98 percent occupied at the time of the sale. Only eight shopping centers in the Inland Empire changed hands for more than $20 million in the past 12 months.<\/p>\n","protected":false},"author":960,"featured_media":1004507746,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,34027,21783,21742,21749,15],"tags":[33536,33902,37442,37441],"class_list":["post-1004189340","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-inland-empire","category-investment","category-latest","category-retail","category-west","tag-1031-exchange","tag-hanley-investment-group","tag-jkim-group","tag-the-krausz-companies"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Hanley Arranges $22M Inland Empire Retail Sale - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/hanley-arranges-22m-inland-empire-retail-sale\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hanley Arranges $22M Inland Empire Retail Sale\" \/>\n<meta property=\"og:description\" content=\"The 62,952-square-foot newly remodeled regional shopping center in Riverside, Calif., was 98 percent occupied at the time of the sale. Only eight shopping centers in the Inland Empire changed hands for more than $20 million in the past 12 months.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/hanley-arranges-22m-inland-empire-retail-sale\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-09-04T11:52:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T21:44:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Michaels-Plaza-Riverside-Calif..jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1500\" \/>\n\t<meta property=\"og:image:height\" content=\"1001\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ariela Moraru\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hanley-arranges-22m-inland-empire-retail-sale\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/hanley-arranges-22m-inland-empire-retail-sale\/\",\"name\":\"Hanley Arranges $22M Inland Empire Retail Sale - 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