Hanley Investment (HI) Urban Retail Advisors has announced the sale of a retail property in Irvine, California through Carlos Lopez and Edward Hanley as representatives of the buyer and seller, respectively.
The 1,448-square-foot individual retail/commercial condominium unit stands in 7020 Scholarship Drive in Irvine.
The price of the retail property remains undisclosed, while the buyer was a private investor from Irvine.
The retail property was sold by Greenlaw Partners, Inc., based in Newport Beach.
Hanley said in a press statement: “The demand from investors to purchase retail/commercial condominiums is very strong especially in areas like Irvine.
“During the past decade many cities across the country have completed new urban communities that have produced a rare investment product that has not been available to investors previously.”
The retail property is nested by a high profile mixed-use residential/commercial development known as The Plaza Irvine located at the intersection of Campus Avenue and Jamboree Road on the border of Irvine and Newport Beach.
Built in 2007, The Plaza Irvine residential and commercial development consists of 202 luxury residences units and an adjacent 12,036-square-foot retail/commercial component.
Lopez, president of HI Urban Retail Advisors, commented: “As specialists in the sale of retail condominiums in mixed-use residential/commercial developments in dynamic downtown and urban street retail districts across the U.S., we have assembled an unmatched database of investors specifically seeking these types of investments.
“The retail/commercial condominium niche has grown tremendously in popularity over the years. Through our strategic marketing platform we were able to reach out to those active owners and individual investors actively seeking to acquire this unique product type and procure the right buyer.”
“After marketing the property we found that both U.S. and foreign investors are attracted to urban retail primarily due to their increasing familiarity and comfort level with this type of lifestyle,” added Hanley.
“Despite the challenges the commercial retail market is facing, we are very happy with the activity our marketing produced and expect that urban retail investments will remain in high demand.”
A retail investment division of Hanley Investment Group Real Estate Advisors, HI Urban Retail Advisors specializes in the sale and advisory of high profile mixed-use and urban retail properties in dynamic commercial districts across USA.