LA VERNE, Calif. - Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm has completed the sale of the Shops at Fruit & Foothill, a 26,100-square-foot, multi-tenant retail investment located at 2335-2371 Foothill Boulevard in Los Angeles County in the city of La Verne, California. The sale price was $8.6 million.
Hanley Investment Group's President Ed Hanley, along with Executive Vice Presidents Bill Asher and Jeff Lefko, represented the seller, StoneCreek Company of Ladera Ranch, California. The buyer was a private investor based in Chino, California, and was represented by Avi Narang, senior vice president with BRC Advisors Real Estate Investment Services of Beverly Hills, California.
"We procured a private investor that owned other similar multi-tenant retail properties in Southern California," said Asher. "The buyer acquired a historically well-occupied retail investment situated at the best intersection in the city. The property benefits from an outstanding anchor tenant Pomona Valley Hospital Medical Center's Health Center of La Verne, which generates an estimated 120,000 annual patient visits." Asher notes Pomona Valley Hospital Medical Center is a 412-bed regional hospital with four satellite campuses serving eastern Los Angeles County and western San Bernardino County.
The 92%-leased retail building, which was built in 1979 and renovated in 2017, is situated on 3.24 acres at the signalized intersection of Foothill Boulevard (Route 66) and Fruit Street, the most well-traveled intersection in the city of La Verne with 42,000 cars per day. The tenants of the multi-tenant building are primarily internet-resistant tenants and include multiple quick-service restaurants including Wingstop and Panda Express as well as T-Mobile, a nail salon, Karate instruction and others. National tenants located at the intersection include Target, Kohl's, Marshalls, Staples, Chipotle, El Pollo Loco, Jimmy John's, McDonald's, Panera Bread, Starbucks and Vitamin Shoppe.
According to Asher, "The strength of the location is clearly evident with Amazon coming to the intersection within the Kohl's building under the Amazon Fresh banner; opening soon, Amazon plans to occupy approximately 37,000 square feet, a subdivision of the original 88,000-square-foot Kohl's building. Kohl's also accepts Amazon returns, which has helped drive traffic to the intersection and Kohl's chainwide."
The property is ideally situated less than one-half mile from the Fruit Street exit and just one mile from the Foothill Boulevard exit of the 210 Freeway, which has 183,000 cars per day. Bonita High School (1,925 students) is located across the street from the Shops at Fruit & Foothill property. The property is one mile away from the University of La Verne, a private not-for-profit university (7,000 students) and three miles from Claremont Colleges, seven prestigious private institutions located within one mile of each other (8,500 students).
The average household income within a three-mile radius of the property is approximately $114,000 with 295,000 people located within a five-mile radius.
"The demand for multi-tenant retail in the second half of 2021 surpassed pre-covid activity and escalated to unprecedented levels as 2021 came to a close," said Asher. "We project the trend will spill over into 2022 as investors continue to diversify from the stock market into commercial real estate leased to essential and internet-resistant retail, while taking advantage of historically low-interest rates."
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with an $8.6 billion transaction track record that specializes in the sale of retail properties nationwide. Our expertise, proven track record, and unwavering dedication to putting clients' needs first set us apart in the industry. Hanley Investment Group creates value by delivering exceptional results through the use of property-specific marketing strategies, cutting-edge technology, and local market knowledge. Our nationwide relationships with investors, developers, institutions, franchisees, brokers, and 1031 exchange buyers are unparalleled in the industry, translating into maximum exposure and pricing for each property. With unmatched service, Hanley Investment Group has redefined the experience of selling retail investment properties. For more information, visit www.hanleyinvestment.com.