Thornton, Colo. — Faris Lee Investments has brokered the sale of Thornton Town Center, a 265,181-square-foot retail center located in Thornton, a suburb north of Denver. A Southern California-based private investor sold the property to a Southern California-based value-add investor for $14.4 million. Don MacLellan of Faris Lee Investments represented the seller and procured the buyer in the deal.
The three managing principals at Irvine, Calif.-based Faris Lee Investments — Shaun Riley, Jeff Conover and Don MacLellan — see retail as the best investment class today. The reason? Strong fundamentals across the board, including low vacancy rates, minimal new construction and strong tenant sales. The trio live in the same world as the rest of us, where interest rates and economic uncertainty have deterred many, but to them, the fact remains that retail has never been stronger as an asset class. “People say it’s a bad market. It’s not …
Colton, Calif. — Faris Lee Investments has brokered the $3.8 million sale of Meadow Lane Plaza, a shopping center located in Colton. The triple net lease property was fully occupied at the time of sale. Shaun Riley and Nick Miller of Faris Lee represented both the buyer, a California-based investor, and seller in the transaction.
Motivation is one of the prime drivers in any market cycle. Some markets are affected by interest rates and others by inflation. One way or another, however, a retail investment and its returns need to provide an investor a reason to stay active regardless of the state of the market. Scott DeYoung, senior managing director at Irvine, Calif.-based Faris Lee Investments, notes that for sellers in today’s market, it can all come down to timing. “There will always be transactions because every investment has a horizon,” he explains. “There is …
Folsom, Calif. — Faris Lee Investments has arranged the sale of a retail building located at 905 E. Bidwell St. at The Bidwell Center in Folsom, roughly 20 miles northeast of Sacramento. VR Folsom, an Orange County-based private family office, sold the property to a La Jolla-based buyer for $11.3 million. Jeff Conover, Shaun Riley and Scott DeYoung of Faris Lee represented the seller, with Infinity Investment Properties representing the buyer in the deal. Situated on 2.7 acres, Sprouts Farmers Market occupies the single-tenant property. The tenant has a 15-year, …
San Jacinto, Calif. — Faris Lee Investments has arranged the sale two outparcel retail buildings located in San Jacinto. A northern California-based buyer in a 1031 exchange acquired the properties from an undisclosed seller for $10.5 million. Jeff Conover and Scott DeYoung of Faris Lee Investments represented the seller, while Keegan & Coppin represented the buyer in the deal. The 14,883-square-foot property is home to tenants including GameStop, Great Clips, Wing Stop and T-Mobile.
Hawthorne, Calif. — Faris Lee Investments has arranged the sale of a retail building located at 12547 Hawthorne Blvd. in Hawthorne, roughly 15 miles outside Los Angeles. An Orange County-based private office group sold the property to the City of Hawthorne for $11.1 million. Bank of America occupies the 12,919-square-foot, single-tenant building on an absolute triple-net lease. Shaun Riley, Jeff Conover and Scott DeYoung of Faris Lee Investments represented the seller, while Chris Beck of Newmark Knight Frank represented the buyer in the deal.
New Orleans — Faris Lee Investments and SRSA Commercial Real Estate have brokered the $31.4 million sale of a single-tenant net-lease Whole Foods Market located at 5600 Magazine St. in New Orleans. The store, which is one of two Whole Foods in the city, is situated near Tulane University and was originally a street car barn constructed in 1893. Faris Lee’s Scott DeYoung and Jeff Conover, along with SRSA’s Steve Reisig, Chris Robertson and Kirsten Early, represented the undisclosed seller in the transaction. Jason Maier with Stan Johnson Co. represented …
There will always be a tug-of-war between retail buyers and sellers — or, really, buyers and sellers of any kind. Both parties want to achieve the best price, but that number looks quite different depending on their side of the table. Though every asset is different, in many ways pricing is made easier based on whether it’s a buyer’s or seller’s market. But what about those transition times? The ones where a market has crested or dipped and is going the other direction? “Pricing today is a little bit of …
Anaheim, Calif. — Faris Lee Investments has negotiated the sale of Anaheim Resort Centre, a retail property located within the Disneyland Resort District in Anaheim. An Irvine, California-based family office acquired the center from an undisclosed seller for $19.5 million. Located on the corner of Harbor Boulevard and Katella Avenue, Anaheim Resort Centre features 10,000 square feet of retail space that nine tenants fully occupy on a triple-net lease basis. Nick Miller and Shaun Riley of Faris Lee Investments represented the buyer in the transaction.
