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OC Firm Facilitates $21M Sale of Long Beach Shopping Center
Corona Del Mar, CA-based Hanley Investment Group Real Estate Advisors has completed the $21.25 million sale of El Dorado Shopping Center, a 74,500-square-foot retail center anchored by Grocery Outlet and Dollar Tree in Long Beach, CA. A partnership managed by Milan Capital Management purchased the asset from DPI Retail.
Hanley Investment Group’s Kevin Fryman and Ed Hanley represented the seller. “The property offered a rare value-add opportunity to lease up to a 5,040-square-foot former restaurant located at an intersection that sees 40,000 cars per day. The buyer could re-tenant the existing building or execute a ground lease,” said Fryman.
El Dorado Shopping Center is located on seven acres at 8105 East Wardlow Road at the corner of Norwalk Boulevard, and was 93% occupied at the time of the sale, with Grocery Outlet in the middle of a 10-year lease. The property was built in 1965 and renovated in 2003.
- ◦Sale/Acquisition
