El Dorado. Picture courtesy of Hanley Funding Group
DPI Retail has offered El Dorado Procuring Middle, a 74,500-square-foot retail heart in Lengthy Seaside, Calif. Milan Capital Administration bought the asset for $21.3 million.
The property grew to become topic to a $12.7 million everlasting mortgage originated by Ohio Nationwide Monetary Providers, based on CommercialEdge information. The identical supply reveals that DPI Retail acquired the property for $6.8 million again in 2001.
The purchasing heart is anchored by Greenback Tree and Grocery Outlet. In 2019, Grocery Outlet has executed a 10-year lease with 10 % will increase each 5 years. Different tenants on the heart embrace Goodwill Industries, Light Care Clinic, P.S. Optical and Huff’s Restaurant. The middle was 93 % occupied on the time of the sale.
El Dorado was accomplished in 1965 and renovated in 2003. The middle encompasses two buildings throughout a 7-acre website. The property additionally gives a value-add alternative to lease a 5,040-square-foot former restaurant.
The purchasing heart is situated at 8105-8195 E. Wardlow Street, within the Gateway Cities submarket. Inside a 5-mile radius from the property, there are roughly 513,000 residents with a median family revenue of $120,000.
Hanley Funding Group‘s President Ed Hanley and Govt Vice President Kevin Fryman organized the transaction on behalf of the vendor. On the finish of final 12 months, Fryman and Hanley additionally represented Orton Growth in buying a 139,486-square-foot retail heart in Dublin, Ohio.
