Hanley Properties of Alamo, CA purchased the Huntington Square Shopping Center as a long-term investment, Cam Stanton with CB Richard Ellis Inc.'s Phoenix office tells GlobeSt.com. The shopping center, located at the northeast corner of Southern and Mill avenues in Tempe, fell out of escrow three times before seller Huntington Square LLC of Phoenix finally sealed the deal with Hanley, Stanton says.
The seller, a private entity that purchased the property in 1998, opted to sell the plaza so it could distribute the assets to its investors, according to Stanton. The property's location, Tempe demographics and 10.5% cap rate were key features for the sale, he adds. The tenant mix includes a Kyoto Bowl restaurant and Pets Inc.
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