Hanley Investment Group Real Estate Advisors has successfully arranged the sale of a multi-tenant shop building located adjacent to a Smart & Final Extra! store at Antelope Valley Plaza in Lancaster. The property sold for $3.9 million and marks the third transaction Hanley has completed at the center, which spans 127,000 square feet and is anchored by grocery and drugstore tenants.
Vice Presidents Ayda Kach and Sean Cox represented the seller, PacWest Management Inc., a Los Angeles-based privately held retail real estate investment and development firm. The buyer, a private investor from Orange County, was represented by Samer Khalil of Newmark.
“We procured multiple qualified offers and closed escrow with a non-1031 exchange buyer who had experience in the High Desert market,” said Kach. “This sale represents the third property we’ve successfully executed at Antelope Valley Plaza under a break-up strategy designed to maximize value for the seller. We also achieved a record price per square foot in the Antelope Valley market over the past 12 months, bringing total property sales at the center to $15.28 million.”
