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 …
Faris Lee Investments
Faris Lee Investments Negotiates $19.5 Million Acquisition of Anaheim Resort Centre Near Disneyland
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.
Faris Lee Negotiates $25 Million Acquisition of Promenade Shopping Center in Modesto, California
Modesto, Calif. — Faris Lee Investments has negotiated the $25 million purchase of The Promenade Shopping Center, a 118,485-square-foot retail center in Modesto. Located at 3501 McHenry Ave., the property was fully occupied at the time of sale by tenants including Ross Dress for Less, Barnes & Noble, AutoZone, Skechers, Hallmark, Cold Stone Creamery and Subway. Alexander Moore, Sean Cox and Don MacLellan of Faris Lee represented the buyer, a Modesto, California-based private family office, in the acquisition of the property from an ownership group managed by West Valley Properties.
La Verne, Calif. — Faris Lee Investments has arranged the $17.3 million sale of La Verne Plaza, a retail center located in the Los Angeles County community of La Verne. Shaun Riley and Nick Miller of Faris Lee represented the undisclosed seller and procured the San Gabriel Valley-based buyer in the all-cash transaction. The property is shadow-anchored by Stater Brothers and In-N-Out Burger.
Baton Rouge, La. and McDonough, Ga. — Faris Lee Investments has brokered the sale of two convenience store properties located in Louisiana and Georgia. Jeff Conover, Scott DeYoung and Hunter Steffien of Faris Lee represented the undisclosed seller in both transactions, which totaled $8.2 million. Dispositions include a single-tenant property occupied by Murphy Oil under a 20-year, absolute, triple-net ground lease at the intersection of Airline Highway and Old Hammond Highway in Baton Rouge, Louisiana; and a single-tenant property occupied by QuikTrip under a 15-year, absolute, triple-net lease in McDonough, …
Faris Lee Negotiates $27.1 Million Sale of Santee Town Center Retail Property in Suburban San Diego
Santee, Calif. — Faris Lee Investments has arranged the $27.1 million sale of Santee Town Center, a shopping center in the San Diego suburb of Santee. Brixton Capital acquired the property from a Los Angeles-based private family office. Sean Cox and Alex Moore, Don MacLellan and Gene Ventura of Faris Lee represented the buyer and seller in the deal. At the time of sale, the 106,903-square-foot retail center was fully leased to tenants including Ross Dress for Less, Dollar Tree and Michaels.
Faris Lee: Retail Presents Attractive Opportunities Post-Pandemic
Multifamily and industrial may be the hottest product types for investors in today’s current market, but Jeff Conover and Shaun Riley, managing principals at Irvine, Calif.-based Faris Lee Investments, believe retail presents the optimum opportunity for achieving strong cash-on-cash yields for investors. “It comes down to one thing,” explains Conover. “Higher yield.” Triple-net leases also mean expenses get passed down to the tenant. Speaking of tenants, Riley notes that tenant rosters are stronger than ever nowadays. The pandemic culled the herd a bit, so to speak, but the tenants who …
Temecula, Calif. — Faris Lee Investments has negotiated the sale of a value-add shopping center located at 32881-32965 Temecula Parkway in Temecula. Centers Dynamic Partners and United Growth acquired the property from Vail Commercial for $19.7 million. Best Buy and Fitness 19 are tenants at the 70,418-square-foot shopping center, which is situated on 7.6 acres. Joe Chichester and Matt Brooks of Faris Lee Investments represented the buyer in the transaction.
Tempe, Ariz. — Faris Lee Investments has arranged the sale of Costco Plaza, a 237,000-square-foot shopping center shadow-anchored by Costco at the southeast corner of Elliot Road and Priest Drive in Tempe. A Southern California-based private investor sold the property to a Southern California-based developer for $27.8 million. MacLellan of Faris Lee Investments represented the seller in the transaction.
Turlock, Calif. — Faris Lee Investments has brokered the sale of Turlock Town Center, a community retail center located at 503-795 N. Golden State Blvd. in Turlock. A California-based developer sold the property to an undisclosed buyer in a 1031 exchange for $37.4 million. Don MacLellan of Faris Lee Investments represented the seller and procured the buyer in the deal. Situated on 8.4 acres, Turlock Town Center features 144,364 square feet of retail space. At the time of sale, the property was fully leased to 29 in-line tenants and five …