According to Hanley Investment president Edward B. Hanley, whorepresented both the buyer and the seller, Henry's is one of anumber of national and regional credit tenants that occupyapproximately 81% of the space in the center, which is situated on13.86 acres and was 100% occupied at the time of the sale. Theother national and regional credit tenants include Baja Fresh, Bankof America, Chevron, Coffee Bean & Tea Leaf, Chick-Fil-A andChili's.<p.The buyer of Gateway Village was Grand Gateway I, IIand III LLC of Los Angeles; the seller was Gateway Village I, II,and III LP of Newport Beach, CA.

The eight-building property was developed in three phases, thefirst two in 2003 and the third phase in 2006. Edward Hanleydescribes it as "a high-profile, pride-of-ownership investment thatboasts an exceptional tenant mix, irreplaceable location, newerconstruction and outstanding demographics." Commenting on thefinancing, he says, "This assignment was very challenging due tothe fact a buyer had to be identified that was capable of assumingthree different CMBS loans requiring more than a 50% downpayment."

Hanley adds that the transaction established a record price persf in the county for a neighborhood shopping center and at the sametime satisfied the buyer's return on capital requirement.