CINCINNATI—Hanley Investment Group, a real estate brokerage firm that specializes in retail property sales, recently negotiated the purchase of four shopping centers owned by Cincinnati-based institutional investment firm Phillips Edison & Co. The retail properties, which were located in either secondary or tertiary markets, sold for a combined value of over $24 million and totaled about 372,000 square feet. Executive vice president Eric Wohl handled the four separate transactions. Hanley has completed the sale of 11 Phillips Edison properties in 8 months and currently has two additional Phillips Edison-owned retail properties totaling 248,767 square feet in escrow.

"As yields for multi-tenant retail in primary markets continue to compress, an increasing number of investors are seeking investment opportunities in secondary or tertiary markets across the country to meet their investment requirements,” Wohl tells GlobeSt.com. According to the company, Wohl has completed the sale of nearly 1.7 million square feet of anchored retail located in secondary or tertiary markets outside of California valued at $105 million over the last 9 months.

Wohl negotiated the purchase of Sandy Marketplace, a 100,762 square-foot grocery and drug-anchored community shopping center located at 36651-36911 Highway 26 in Sandy, OR, about 20 miles east of Portland. Bi-Mart, Grocery Outlet and Dollar Tree anchor the shopping center. Built in 1985, Sandy Marketplace sits 9.28 acres and was 100% occupied at the time of the sale. "Sandy Marketplace is located on the only major corridor in Sandy or Mt. Hood,” Wohl says. “The shopping center offers signalized access and traffic counts exceeding 30,800 cars per day."