[[{“value”:”
**Phillips Edison Divests Corona Shopping Center Anchored by Ralphs and Dollar Tree**
Hanley Investment Group Real Estate Advisors has completed the sale of Sierra del Oro Towne Centre, a fully leased, 110,485-square-foot shopping center in Corona, California. Anchored by Ralphs and Dollar Tree, the transaction marks Hanley Investment Group’s sixth grocery-anchored retail center sale in the past year. The sale price was not disclosed.
Executive Vice President Kevin Fryman and company President Ed Hanley represented the seller, Phillips Edison & Company, Inc. The buyer, a private 1031 exchange investor based in Northern California, was represented by Jesse Millman of Newmark.
This is not Hanley’s first involvement with the property. In 2017, the firm represented Cornerstone Development Partners of Irvine in the sale of Sierra del Oro Towne Centre, when Phillips Edison acquired it.
“We secured a private all-cash 1031 exchange buyer who had recently sold their property to a land developer,” said Fryman. “We negotiated an expedited due diligence and closing timeline to provide the seller with certainty of execution.”
“}]]
