Hanley Investment Group Arranges Sale of Newly Built Hobby Lobby, Marshalls & Five Below-Anchored Center in Apple Valley, California
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APPLE VALLEY, Calif. – October 7, 2026 – Hanley Investment Group Real Estate Advisors, a nationally recognized retail investment sales brokerage firm specializing in retail property sales, announced today that the firm has arranged the sale of Apple Valley Towne Center, a brand new, 87,042-square-foot regional shopping center located at 19390 Bear Valley Road in Apple Valley, California. The center is 100% occupied by three national junior box tenants, Hobby Lobby, Marshalls and Five Below, and is shadow anchored by Stater Bros. Markets, Lowe’s Home Improvement and Walgreens.
Hanley Investment Group’s Executive Vice Presidents Kevin Fryman and Bill Asher, along with Senior Vice President Sean Cox, represented the seller and developer, Rich Development Enterprises of San Pedro, California.
“We listed the property before the tenants opened for business, which gave the center early exposure and generated strong interest from private, mid-market and institutional investors,” said Fryman. “Presenting the assets both individually and as a three-tenant package expanded the buyer pool.”
Asher added, “We secured a highly experienced institutional buyer, providing a high level of certainty and a smooth closing process.”
Built in 2026, Apple Valley Towne Center spans 7.93 acres and features new long-term triple-net leases with scheduled rental increases every five years. All three tenants, Hobby Lobby, Marshalls and Five Below, operate under new initial long-term leases.
Hobby Lobby is one of the largest privately owned arts and crafts retailers in the United States with more than 1,020 stores nationwide; Marshalls is part of TJX Companies (NYSE: TJX; S&P: A), the world’s leading off-price apparel and home fashion retailer; and Five Below (NASDAQ: FIVE) operates more than 2,000 stores nationwide and continues to expand its national footprint.
The property is positioned at a high traffic, signalized intersection at Bear Valley Road and Apple Valley Road, which sees 75,000 cars per day, and sits within an established retail corridor surrounded by major national retailers including Target, The Home Depot, Lowe’s, WinCo Foods, Burlington, Cinemark, 24 Hour Fitness, PetSmart, Ulta, McDonald’s, Chipotle, El Pollo Loco, Buffalo Wild Wings and Bank of America. Nearby Jess Ranch Marketplace draws 6.8 million annual visitors, and the center is adjacent to a newly built Sprouts Farmers Market-anchored development featuring additional retail shops, Mister Car Wash and Raising Cane’s.
Apple Valley Towne Center benefits from affluent and growing demographics, including an average household income of $107,000 within a 3-mile radius, population growth of 17% between 2010 and 2020, and more than 27,000 housing units either planned or under construction in the surrounding area.
“Apple Valley Towne Center reflects the type of newly constructed, necessity-based retail that continues to attract all types of retail investment capital in today’s market,” said Cox. “The combination of best-in-class national tenants, long-term triple-net leases, strong surrounding investment grade anchors and steadily growing High Desert demographics created a compelling investment profile and competitive sale process.”
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with a transaction track record exceeding $13 billion, specializing in the sale of grocery-anchored, anchored, multi-tenant and single-tenant retail properties nationwide. The firm’s expertise, proven track record spanning more than 20 years, and dedication to putting clients’ needs first set it apart in the industry. Hanley Investment Group creates value by delivering exceptional results through property-specific marketing strategies, cutting-edge technology and local market knowledge. Hanley Investment Group’s relationships with investors, developers, institutions, franchisees, brokers and 1031 exchange buyers translate into maximum exposure and pricing for each property. With unmatched service, Hanley Investment Group has redefined the experience of selling retail investment properties. For more information, visit hanleyinvestmentgroup.com.
Media Contact
Company Name: Hanley Investment Group Real Estate Advisors
Contact Person: Kevin Fryman, Executive Vice President
Email: Send Email
Phone: 949.585.7674
Address:3500 East Coast Highway, Suite 100
City: Corona del Mar
State: California
Country: United States
Website: https://hanleyinvestmentgroup.com/
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