Hodgdon Group Represents Ashley Furniture in Purchase of Former Circuit City Building in Hawthorne

COLTON, CALIF. – Inland Empire-based Hodgdon Group Realty Inc. announced today that Aaron Hodgdon represented Ashley Furniture Industries, Inc. in the acquisition of a former Circuit City building in Hawthorne, California. The Hodgdon companies have been working with Ashley for a decade on various real estate and construction projects. Scott Kaplan, Senior Vice President with CB Richard Ellis in Anaheim, Calif., assisted Hodgdon with the sale transaction. Richard Rizika, Executive Vice President with CB Richard Ellis in El Segundo, Calif., represented the seller, WhiteFire Capital, LLC of New York, NY and the Tabani Group, Inc. of Dallas, Texas. The purchase price could not be disclosed.

Located in the South Bay area of Los Angeles County at 14600 Ocean Gate Avenue in Hawthorne, the 33,952-square-foot retail building faces the 405 Freeway, and is just off of Rosecrans Avenue, a major thoroughfare and freeway off ramp.

“Although the real estate market is still challenging, it has provided a great opportunity for Ashley, the No. 1 retailer and manufacturer of furniture in North America, to acquire vacant big box space such as this former Circuit City building and transform them into great showrooms,” said Aaron Hodgdon, President of Hodgdon Group Realty Inc. “We are currently negotiating on several new locations in Southern California and are continuing to look for more value-add opportunities to buy or lease.”

The Hodgdon Group represents Ashley Furniture Industries on the west coast and recently negotiated the following transactions on behalf of Ashley: the purchase of 439,000 square feet of industrial space in Colton, Calif., one of the largest user‐sale transactions in Southern California in 2009; the purchase of a former Wickes Furniture in Victorville; and the lease of 42,000-square-feet for a HomeStore in Palmdale, Calif. As part of its brokerage service, the Hodgdon Group performs complete due diligence review and coordination on behalf of its clients for the property acquisition.

The Hodgdon Group is a full-service real estate brokerage, development and construction management company for all of types of real estate projects. For more information about the Hodgdon Group, please call Aaron Hodgdon at 909.783.3020.

Hanley Investment Group Hires Patrick Kent as Senior Vice President
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Kent’s 20 years of Industry Experience and Transaction Expertise are Key Assets to the Continued Growth of HIG

IRVINE, CALIF. – Hanley Investment Group Real Estate Advisors, one of the most dominant retail investment groups in the western United States and a market leader in the sale of retail properties, announced today that industry veteran Patrick G. Kent has joined the company as a senior vice president. Kent most recently served as a director at Faris Lee Investments of Irvine, Calif., where he advised clients on the acquisition and disposition of retail investment properties.

Kent has more than 20 years of industry experience and has closed countless investment sales transactions with total sales in excess of over $500 million dollars. Kent has achieved incredible success exclusively representing individual investors, developers, lending institutions, and 1031 exchange buyers and sellers. Kent continues to maintain very strong relationships in the business by utilizing his commercial real estate financing background combined with his retail investment sales expertise.

“I am excited about the opportunity to work at Hanley Investment Group, providing disposition and acquisition advisory services to clients,” said Patrick Kent, senior vice president at Hanley Investment Group. “There is and will continue to be outstanding retail investment opportunities to work on with both buyers and sellers in 2010 as well as long-term.”

“Pat is a great addition to our company and we look forward to his immediate impact in helping our clients achieve their investment goals and objectives,” said Edward B. Hanley, president of Hanley Investment Group.

“2009 was a challenging year in the commercial real estate industry,” added Hanley. “Our company managed to overcome numerous obstacles on many transactions to have a successful year given the circumstances of the marketplace. We are optimistic about this year and look forward to building continued momentum from recent closings to have a successful 2010. The addition of Patrick Kent will certainly build on our previous successes over the years and add to an even brighter future.”

Kent says that he joined Hanley Investment Group because of its unique corporate culture. “Hanley Investment Group has a hard working, open and shared-environment, and they are loyal to each other and their clients,” Kent stated. “I know that I will grow and prosper in this environment and very much look forward to utilizing my leadership skills and retail investment expertise to achieve our clients’ goals and objectives.”

“We have a very different company culture that is rarely found in the brokerage industry,” said Hanley. “Everyone in the company works together for a common goal – to provide our clients with the very best service and consistently exceed their expectations. It is extremely gratifying to know that Pat selected Hanley Investment Group after careful thought and consideration.”

Kent is a graduate of Fort Lewis College with a Bachelor of Science Degree in Finance with an emphasis in Real Estate, and is an active member of the International Council of Shopping Centers.

About Hanley Investment Group Real Estate Advisors
Built on a solid foundation of performance, integrity and dedication, Hanley Investment Group Real Estate Advisors is a boutique retail investment brokerage firm with a two billion dollar transaction track record that is comprised of innovative specialists delivering unparalleled service and superior results that consistently exceed client expectations. Hanley Investment Group’s expertise, commitment and unwavering focus of putting the client’s needs first have continued to set the company apart in the industry. Hanley Investment Group works closely with individual investors, developers, and institutional property owners in every facet of the transaction to insure that the highest value is achieved. Clients rely on Hanley Investment Group to be the most knowledgeable and trusted source for valuation services, market information and retail property acquisitions and dispositions. For more information, visit the Company’s website at www.hanleyinvestment.com or call (949) 585-7610.

Coreland Companies Negotiates Leases with Planet Fitness and Phoenix Group Information Systems
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Retail and Office Leases Valued at More than $3 Million

TUSTIN, CALIF. – Coreland Companies of Tustin, Calif., one of the largest private real estate service companies based in California, announced that its leasing / sales division has negotiated two leases in Southern California for a total value of more than $3 million.

In the City of Anaheim, Coreland negotiated a 20,362-square-foot, 10-year retail lease with Planet Fitness, a franchise-driven health club, at Euclid Shopping Center, located at the southeast corner of Euclid Street and Katella Avenue at 1620 W. Katella Avenue. The lease transaction, which is valued at approximately $2.0 million, brings the 206,100-square-foot community center to 100 percent occupied. Planet Fitness, which is expected to open in June 2010, will join anchors Food 4 Less, Big Lots and CVS/pharmacy. As the exclusive leasing agent for Euclid Shopping Center, Matt Hammond of Coreland Companies represented the landlord, Euclid Shopping Center, LLC, a private family trust located in San Diego. Garrett Colburn and Steve McClurkin of Grubb & Ellis in Newport Beach represented the tenant.

"There are still some very active retailers and categories doing deals in Southern California, and fitness is one of them," notes Hammond. "And this is one of a handful of fitness deals we are currently working on."

In addition, Coreland negotiated a 7,193-square-foot, 72-month lease with Phoenix Group Information Systems, a California Corporation, at the Main Street Town Center, a 215,000-square-foot Class A office building located at 2677 Main Street in Santa Ana. The lease is valued at over $1.0 million. The Phoenix Group, which will join Aetna and Morgan Stanley as tenants, will take possession of the office space in April 2010. As the exclusive leasing agent for the Main Street Town Center, David Girty and Steven Hogberg of Coreland Companies represented the landlord, The Muller Company of Laguna Hills, Calif., a full service real estate management company specializing in the management, investment and development of commercial real estate in the western United States. Marshal Vogt and George Thompson of Lee & Associates of Orange represented the Phoenix Group.

"The Phoenix Group is a 20+ year-old company with over 200 municipal, institutional, law enforcement, and private clients served throughout the United States," said Hogberg. "After an exhaustive 12-month search, the Phoenix Group selected Main Street Town Center in order to relocate to a Class A high-rise office building with first-class building ownership and management."

Adds Hogberg, "This lease brings us to over 87 percent occupied with less than 25,000 square feet of space remaining to lease at Main Street Town Center. Clearly, now more than ever, well-positioned assets with a strong amenity base make a difference, especially in a market currently challenged with a 20+ percent vacancy."

Coreland Companies is a full-service commercial real estate company with expertise in retail, office and industrial properties. Coreland Companies is based in Tustin, California with offices in Utah and throughout Southern California. For more information, please call the company’s headquarters at (714) 573-7780 or visit www.coreland.com.