Hanley Brown Group Represent Buyer & Seller in Sale of New Neighborhood Shopping Center in Corona, Calif. for $10,500,000

IRVINE, CA – Hanley Brown Group Real Estate Advisors, one of the most dominant retail investment groups in Southern California and a market leader in the exclusive representation of owners in the sale of retail shopping centers, announced today Edward B. Hanley and Eric L. Werner of Hanley Brown Group represented the buyer and seller in the sale of a recently completed neighborhood shopping center located in the City of Corona, Calif. The purchase price was $10,500,000 at a cap rate of 6%.

Located at the northeast corner of Main Street and Ontario Avenue, Main Street Village is a brand new 20,000-square-foot neighborhood shopping center anchored by 24 Hour Fitness, It’s A Grind, Red Brick Pizza and Marble Slab Creamery. Situated on 2.5 acres, Main Street Village is ideally located within the heart of existing and new development in the city of Corona. The property, which is 100% occupied, is located at a highly traveled, signalized intersection where average daily traffic counts are in excess of 75,000 cars per day.

“This transaction represented a historically low cap rate and high price per square foot for a neighborhood shopping center sale of this kind in the City of Corona,” says Edward Hanley. “At $525 per square foot and a 6% cap, we produced multiple offers for a property that was 100% pre-leased however it still had a few final tenants taking official occupancy at the property at the close of escrow.”

“This investment provided the buyer with an excellent opportunity to own a brand new, 100% occupied shopping center that fit perfectly with their 1031 exchange requirement,” adds Hanley Brown Group’s Eric Werner. “Additionally, with its close proximity to the Interstate 15 and 91 freeways and its outstanding surrounding demographics, Main Street Village is a secure and stable investment opportunity that matched the buyer’s long-term investment strategy.”

The seller was HTMC Corona LLC, a California limited liability company based in Orange County and the buyer was Main Street Corona, LLC a California limited liability company based in Los Angeles County.


About Hanley Brown Group Real Estate Advisors

Hanley Brown Group Real Estate Advisors is one of the most dominant retail investment groups in Southern California and a market leader in the exclusive representation of owners in the sale of retail shopping centers. Based in Irvine, California, Hanley Brown Group is led by long-time industry veterans Edward B. Hanley and Gregory S. Brown, both designated CCIMs. As specialists in the sale of retail properties, Hanley Brown Group has earned a lasting reputation for its successful track record, investment expertise, dedication and integrity. For more information, visit the Company’s website at www.hanleybrown.com or call (949) 585-7610.

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