Corona del Mar-based Hanley Investment Group Real Estate Advisors, a national real estate brokerage and advisory firm specializing in retail property sales, announced today the successful execution of a break-up strategy at Centre Pointe Marketplace in Santa Clarita, representing the seller and both buyers in two separate off-market retail transactions totaling $33.8 million.
Hanley Investment Group’s vice president Sean Cox and executive vice president Kevin Fryman represented the seller and developer, Spirit Properties, Ltd. of Santa Clarita, and both buyers in the two transactions.
The most recent transaction involved the sale of a two-tenant property occupied by DICK’S Sporting Goods and Burlington, located at 26583-26591 Carl Boyer Drive. The property sold for $25 million to an institutional investor.
“We generated multiple competitive offers from institutional buyers and private 1031 exchange buyers to maximize value for the seller and secured an all-cash REIT buyer,” said Cox. “The property’s location, tenant strength and recent lease activity made it a compelling fit for institutional capital seeking durable income and long-term stability.”
DICK’S recently extended its lease and remodeled its store, while Burlington assumed the lease from JOANN Fabrics following the retailer’s bankruptcy. The two-tenant property spans 83,953 square feet and benefits from affluent demographics, with an average household income of $144,000 within a five-mile radius.
Previously, Hanley Investment Group represented a Washington-based 1031 exchange buyer in the acquisition of a 30,624-square-foot, new construction, single-tenant Sky Zone Trampoline Park at 26583 Carl Boyer Drive, also located within Centre Pointe Marketplace. The property sold for $8.75 million. The buyer, who had recently sold a gas station, was seeking their first retail investment. Hanley Investment Group sourced the opportunity through its developer network and closed escrow prior to the tenant opening for business, according to Cox.
Sky Zone, a national indoor trampoline park brand catering to families and youth, is shadow-anchored by Walmart and Sam’s Club, with co-tenants including DICK’S Sporting Goods, Burlington and a future Quick Quack Car Wash. The trampoline park signed a new long-term lease and is surrounded by national retailers such as Target, Lowe’s and Best Buy, with high visibility from Golden Valley Road and Soledad Canyon Road.
“These transactions reflect the strength of our developer relationships and our ability to source off-market opportunities that align with buyer goals,” said Cox. “Closing escrow prior to tenant occupancy and securing top-tier pricing in a competitive environment speaks to the strategy’s precision and execution.”
“Investor appetite for newly constructed, single-tenant net lease assets backed by nationally recognized tenants in high-growth markets remains strong,” said Fryman. “This break-up strategy allowed us to unlock greater value for the seller by matching each asset with its ideal buyer: an institutional investor for the multi-tenant property and a private 1031 buyer for the single-tenant opportunity.”
Content sourced from Hanley Investment Group. To learn more, contact anne@MonaghanPR.com.
