Both the buyer and the seller were represented by Eric L. Werner and Kevin T. Fryman of Hanley Investment Group. Built in 2000, the center is anchored by a Wal-Mart that was not a part of the sale and Foods Co. (Kroger), along with a number of other national tenants.
Werner says that identifying a buyer quickly was significant in facilitating the sale to meet the seller's investment goals. In addition, he says that the seller's expediting of the defeasance of an existing loan on the property in a short time-frame, combined with the buyer's capability to pay all cash and close in 14 days, helped achieve both parties' goals.
Fryman notes that finding quality grocery-anchored shopping centers for sale in today's market is becoming increasingly challenging. He explains that the buyer had been looking for a grocery-anchored shopping center in California for weeks before the Lompoc Corners deal.
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