CHINO HILLS, CA-A Los Angeles-based buyer has acquired the 96,959-sf Gateway Village shopping center from an Orange County seller for $47.2 million and a record $487 per sf, according to Irvine, CA-based Hanley Investment Group Real Estate Advisors, the broker on the deal. Anchored by a Henry’s Market, the property is a high-profile neighborhood shopping center that presented a marketing challenge in that the property carried three CMBS loans that the buyer had to assume.

According to Hanley Investment president Edward B. Hanley, who represented both the buyer and the seller, Henry’s is one of a number of national and regional credit tenants that occupy approximately 81% of the space in the center, which is situated on 13.86 acres and was 100% occupied at the time of the sale. The other national and regional credit tenants include Baja Fresh, Bank of America, Chevron, Coffee Bean & Tea Leaf, Chick-Fil-A and Chili’s.<p.The buyer of Gateway Village was Grand Gateway I, II and III LLC of Los Angeles; the seller was Gateway Village I, II, and III LP of Newport Beach, CA.

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