Hanley Investment Group Facilitates $15 Million Acquisition of Walgreens-Anchored Atlantic Crossing in Lynwood, California
LYNWOOD, Calif. — Hanley Investment Group Real Estate Advisors has facilitated the $15 million all-cash acquisition of Atlantic Crossing, a fully leased, Walgreens-anchored neighborhood shopping center in Lynwood, California, the firm announced Sept. 15.
The 39,146-square-foot center, located at 10901–10927 Atlantic Avenue and 4351 East Imperial Highway, was sold by The Bilak Companies of Beverly Hills. Newmark Retail Capital Markets represented the seller, with Glenn Rudy, Rob Ippolito, and Pete Bethea handling the assignment. Hanley Investment Group Vice President Ayda Kach represented the buyer, a privately held retail real estate investment firm and developer based in Los Angeles.
Deal Structure and Timeline
The transaction closed in 20 days from letter of intent to closing, driven by the buyer's 1031 exchange deadline. The acquisition was structured as an all-cash purchase.
"Atlantic Crossing required a fast and disciplined effort to meet our client's 1031 deadline, and we were able to complete the acquisition in 20 days," Kach said. "Our team guided the buyer through a detailed due diligence process and kept the transaction moving efficiently from LOI through closing. The collaboration between all parties allowed us to deliver a smooth all-cash closing on a strong, necessity-based retail asset."
At $15 million for 39,146 square feet, the transaction equates to approximately $383 per square foot.
Property Overview: Atlantic Crossing
Built in 2003, Atlantic Crossing sits on 3.63 acres at the signalized intersection of Imperial Highway and Atlantic Avenue, less than half a mile from the Long Beach (710) Freeway. The intersection carries 32,000 cars per day on Imperial Highway and 26,000 cars per day on Atlantic Avenue, providing strong regional visibility and access.
The center is 100% occupied and features a tenant roster that includes Walgreens, Starbucks, Panda Express, Subway, PNC Bank, AltaMed Health Services, Diamond Dental, Fiesta Auto Insurance, Tutti Frutti, and La Carniceria Meat Market. The weighted average tenant tenure exceeds 16 years, and nearly 60% of tenants are first-generation occupants at the property.
Atlantic Crossing is adjacent to a top-performing El Super grocery store at 10721 Atlantic Avenue, which draws more than one million customers annually and generates an estimated $35 million in annual sales.
Trade Area Fundamentals
The property serves one of the most densely populated trade areas in Los Angeles County. Nearly one million residents live within a five-mile radius of the center, and the daytime population exceeds 275,000. Atlantic Crossing is also located within one mile of St. Francis Medical Center, a 384-bed acute-care hospital that employs more than 2,000 people and serves over 84,000 patients annually.
According to Placer.ai data, Atlantic Crossing ranks in the 83rd percentile nationally for visitation among comparable retail centers. Individual tenants also demonstrate strong performance within their respective California chains: Starbucks ranks in the 83rd percentile, Panda Express in the 73rd percentile, and PNC Bank in the 89th percentile.
Market Context
"Even in a shifting capital markets environment, investors are actively targeting assets with strong fundamentals, reliable foot traffic, and proven tenant durability," Kach said. "Atlantic Crossing exemplifies the type of stabilized, necessity-driven retail that continues to attract capital and reinforce long-term confidence in the sector."
The transaction reflects continued investor appetite for fully leased, grocery-adjacent retail in supply-constrained, infill Los Angeles County locations. The 20-day close underscores the role that 1031 exchange timelines continue to play in driving deal velocity for well-positioned neighborhood retail assets.
Hanley Investment Group has a transaction track record exceeding $13 billion, specializing in the sale of grocery-anchored, anchored, multi-tenant, and single-tenant retail properties nationwide.
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