Hanley Investment Group has arranged the $6.3 million sale of a single-tenant, net-leased retail asset occupied by Phenix Salon Suites in Redondo Beach, CA. According to the firm’s Executive Vice President Bill Asher, the sale represented record pricing for a single-tenant salon suite concept nationwide. The buyer was a private Manhattan Beach, CA investor.

“Buyers were attracted to the rare opportunity to own a coastal single-tenant retail investment with a long-term triple-net lease. The property occupied by a successful Phenix Salon Suites also represented a unique investment opportunity not frequently seen for sale,” said Asher who represented the seller for Hanley Investment Group along with Executive VP Jeff Lefko.

The property is located on a 1/2 acre parcel at 609 N. Pacific Coast Highway. Phenix Salon Suites offers an opportunity for salon and lifestyle professionals to operate their own business in a private suite within a larger, well-located salon.