Amusement Industry Inc. of Long Beach acquired the property fromSanta Ana-based UNT Atia Co. in a transaction that was brokered byEdward B. Hanley and Eric P. Wohl of Hanley Investment Group, whorepresented both the buyer and the seller. The Hanley brokers notethat the four-building shopping center is situated at the hightraffic intersection of Harbor Blvd. and Edinger Ave. on a parcelof nearly four acres.

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The property was built in 1985 and renovated in 2006. Its 21tenants include Sizzler, OC Auto Sound, Priority Staffing, PandaBowl and Subway.

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Eric Wohl, VP at Hanley Investment, calls the deal "anincredible opportunity to acquire a multi-tenant shopping centerwith future upside potential in a prime Orange County location." Headds that the buyer "has an excellent opportunity to increasebelow-market rents at a property that is in great condition."

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Even with the recent fluctuation in interest rates, Wohl pointsout, the sale demonstrates that there is still an abundance ofcapital pursuing deals similar to Harbor Plaza. Demand remains highfor Orange County shopping centers overall, he observes.

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Hanley, president of the Irvine-based brokerage firm, says thata spike in the 10-year Treasury was one of several challenges thedeal faced during escrow, but the transaction ultimately "achievedboth the buyer's and seller's investment objectives." The buyerreleased a nonrefundable deposit to the seller in less than a weekto secure the deal, and closed the transaction on an all-cashbasis.

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