Hanley Investment Group Real Estate Advisors has successfully closed the sale of Stevenson Ranch Plaza in Santa Clarita. The 29,817-square-foot neighborhood shopping center, located at 25804-25860 Hemingway Ave., features a diverse mix of internet-resistant education, service and restaurant tenants with Tutor Time as the anchor.
The seller, San Francisco-based Catalyst Real Estate, was represented by Hanley’s EVP Kevin Fryman along with President Ed Hanley and VPs Sean Cox and Alexander Moore. On the buyer’s side was Los Angeles-based private investor who was represented by Edmond Bina – CEO and managing broker of EMB Properties in Beverly Hills.
Fryman stated that they received multiple offers from both private investors and REITs but ultimately chose a private 1031 exchange buyer. In addition to this successful deal-making process, they also collaborated with a mortgage broker to secure favorable financing for their client which ensured an effortless transaction. Furthermore,the team negotiated for shorter due diligence period as well as closing extensions to facilitate the seller’s property identification process under Section 1031 of Internal Revenue Code.
Stevenson Ranch Plaza originally opened its doors in 1999 but underwent remodeling work just last year (2023). The shopping center is situated on a prime location occupying approximately three acres at one of Santa Clarita’s busiest intersections – Stevenson Ranch Parkway & Hemingway Avenue.
