June 7, 2016
Corona del Mar, CA-based Hanley Investment Group Real Estate Advisors negotiated the sale of Seven Trees Shopping Center, a 150,338-square-foot shopping center in San Bernardino, CA for $8.57-million. The Target-anchored retail asset is located on 13.79 acres and was 85% occupied at the time of the sale.
Hanley Investment Group’s Ed Hanley and Kevin Fryman represented the buyer, Long Beach, CA-based Westland Real Estate Group, as well as the unnamed seller, a Los Angeles-based private investor.
Hanley says, “The property sold at below replacement cost and will provide the buyer with the possibility to increase the center’s all-cash yield with additional lease up and raising below market rents. Part of the available space includes a separately parceled 8,880-square-foot freestanding pad building.”