Middleburg, Fla. — Faris Lee Investments has arranged the $6.6 million sale of Branan Field Walk, a 14,551-square-foot strip center located roughly 26 miles outside Jacksonville in Middleburg. Jeff Conover and Scott DeYoung at Faris Lee Investments represented the Midwest-based 1031 exchange buyer in the transaction. The property was fully leased to seven tenants at the time of sale.
Bakersfield, Calif. — Faris Lee Investments has arranged the sale of a freestanding retail property located at 2690 Mount Vernon in Bakersfield. Intertex Property Advisors acquired the building from a Los Angeles-based developer for $5.4 million. The property is absolute triple-net leased to CVS Y Mas, which has occupied the location for 48 years. Sean Cox and Jeff Conover of Faris Lee Investments represented the seller, while Cushman & Wakefield represented the buyer in the transaction.
“Retail has one very serious advantage as an asset class — it provides a lot of data. However, very few people actually look at the data,” says Sandy Sigal, president and CEO of NewMark Merrill. Historically, gathering data required landlords and managers to physically visit sites, and data insights would likely have been skewed based on time of day for the visit, momentary traffic variables or incomplete sales reports. Today’s technology automatically captures much more complete data related to consumer demographics and behavior patterns. For today’s shopping center owners, the …
Anaheim, Calif. — Faris Lee Investments has arranged the acquisition of three multi-tenant retail pad sites known as Anaheim Gateway Retail in Anaheim. Scott DeYoung and Jeff Conover of Faris Lee represented the undisclosed buyer in the transaction. The seller was also not disclosed. The three buildings total 15,356 square feet and are anchored by Starbucks Coffee, Habit Burger and California Fish Grill. The sales price was $20.5 million.
Midvale, Utah — Faris Lee Investments has arranged the $8.7 million sale of Garden Square shopping center, located roughly 12 miles outside Salt Lake City in Midvale. Nick D’Argenzio, Tom Chichester and Joe Chichester of Faris Lee Investments represented the undisclosed buyer and seller in the transaction.
Escondido, Calif. — Faris Lee Investments has arranged the $6.1 million sale of the Shops at Trafalgar Square, a fully occupied, 14,164-square-foot strip center located 30 miles outside San Diego in Escondido. This sale completes the break-up of a larger ALDI-anchored center with an IHOP pad building. Matt Brooks and Joe Chichester of Faris Lee created and executed the break-up strategy for the center’s undisclosed initial owner. The buyer in the transaction was undisclosed.
Baker City, Ore. — Faris Lee Investments has arranged the $7.3 million sale of a single-tenant, 48,239-square-foot Albertsons in Baker City. The tenant had approximately 15 years remaining on its absolute triple-net lease. Chris DePierro, Jeff Conover and Scott DeYoung of Faris Lee Investments represented the Orange County-based seller in the transaction. The buyer was not disclosed. The Albertsons grocery store is located adjacent to Interstate 84. Other national tenants in this area include McDonald’s, Safeway, Rite Aid, Bi-Mart, Shell and Subway. Faris Lee targeted buyers based in the Pacific …
Retail, when it really boils down to it, is dictated by the almighty dollar. This, of course, means those who hold those dollars are in control. Consumers have been on quite the wild ride over the past 16 months, and sitting up front with them is the retail industry. “Brick and mortar will come back, but it’s going to come back differently,” says Richard Chichester, president and CEO of Irvine, Calif.-based Faris Lee Investments. “There is pent-up demand after a year of being shut down. The pandemic accelerated the emphasis …
Bullhead, Ariz. — Faris Lee Investments has arranged the sale of a 52,944-square-foot retail property located within City Square Shopping Center in Bullhead. An undisclosed seller sold the property for $7.1 million. The name of the buyer was not released. The transaction included Smart & Final Extra! and Ashley Homestore, both of which are triple-net lease tenants. Chris DePierro of Faris Lee represented the seller in the deal.
Fountain Valley, Calif. — Faris Lee Investments has brokered the sale of a five-acre mixed-use redevelopment site known as Brookhurst & Warner in the Orange County community of Fountain Valley. An undisclosed buyer acquired the site for $17.5 million. Rick Chichester, Tom Chichester and Nick D’Argenzio of Faris Lee Investments represented the undisclosed seller in the deal.