NEWPORT BEACH, CA-Heslin Holdings Inc. has acquired six Albertsons supermarkets for $40 million. The locally based commercial real estate acquisition and development firm acquired the properties in partnership with Retail Holdings LLC of San Diego, according to Phillip Nahas, director of acquisitions and development for Heslin.
Four of the six Albertsons buildings were acquired as a single $27-million portfolio and the other two separately. Following the recent acquisitions, Heslin sold two of the Albertsons and retained the other four.
The four properties that Heslin still holds are on Katella Avenue in Stanton, Orangethorpe Avenue in Fullerton, Alessandro Boulevard in Moreno Valley and Eagle Rock Boulevard in Glassell Park, a few miles north of Downtown Los Angeles. Heslin has leased two of the retained properties, the Stanton and Fullerton locations, to Ralph's Grocery Co. under the Food 4 Less banner and is in lease negotiations on the Eagle Rock location.
Heslin Holdings and Albertsons were both represented by locally based Pentz and Partners, with financing arranged by Inland Mortgage Capital Corp. All property management will be handled by Charles Dunn Property Management Co.
Heslin, which was founded in 2003, is privately held and specializing in acquiring and developing retail portfolios and properties. It also is involved in mixed-use projects throughout the Southwest US.
Nahas says that in addition to its development activities, the firm's strategy is to be a niche player in the acquisitions of retail portfolios. As a private company with a strong balance sheet, he says, Heslin can move quickly when it sees opportunities.
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