Fontana, Calif. — Faris Lee Investments has arranged the $9.1 million sale of two freestanding outparcel properties located at 17151-17171 W. Foothill Blvd. in Fontana. Shaun Riley and Nick Miller of Faris Lee represented the undisclosed seller and procured the Los Angeles-based buyer. Totaling 34,377 square feet, the properties are situated within a Walmart-anchored shopping center.
Richard Chichester, president and CEO of Faris Lee, knows we’re late in the cycle, but he doesn’t see this as a bad thing. Nor does he see this timing as a cause for near-term concern. “The U.S. is extremely well positioned in 2020,” he explains. “The economy continues to prove itself to be very resilient. We’re in a safe spot right now but in a mature position within the cycle. This is also the longest expansion in history, so we have to understand what the late-cycle implications are and make …
Orange County, Calif. and Colorado Springs, Colo. — Faris Lee Investments has arranged the sales of two retail properties located in Southern California and Colorado Springs totaling $26.1 million. In the first deal, an undisclosed seller divested of Brea Center, a grocery-anchored shopping center in Orange County. An undisclosed buyer acquired the asset for $17.6 million. Current tenants include Vons, Bank of America, Pet Wants, Aulestics and Painted Nest. Don MacLellan, Rick Chichester and Jeremy Warren of Faris Lee Investments represented the seller in the transaction. In the second deal, …
Irvine, Calif. and Salt Lake City — Faris Lee Investments and MTN Retail Advisors, a grocer-specialized data collection and analytics provider, have entered into a partnership to combine Faris Lee’s retail, real estate, finance and investment advisory services with MTN’s proprietary technology, which includes artificial intelligence (AI) machine learning. MTN currently has data on 28,000 active grocers across the United States and expects that number to grow to 40,000 over the next 18 months. The partnership between Irvine-based Faris Lee Investments and Salt Lake City-based MTN Retail Advisors will also …
Lake Elsinore, Calif. — Faris Lee Investments has arranged three sales with three buyers within Central Plaza Shopping Center in Lake Elsinore. The three transactions total $11.4 million. The first sale was for a Marshalls-occupied building, which sold for $4.5 million at a 6 percent cap rate; the second sale was for a Panera Bread-occupied building, which sold for $3.8 million at a 4.8 percent cap rate; and the third sale was for a Pieology- and Ono-occupied building, which sold for $3.1 million at a 5 percent cap rate. The …
Talks of tariffs and trade wars have dominated the news lately as the U.S. negotiates abroad over everything from immigration deals with Mexico to intellectual property protection (or lack thereof) in China. Though a deal was reached with Mexico earlier this month, an agreement has yet to be made with China. Even if the two countries do reach amicable terms, what kind of an impact will these types of trade wars and levies have stateside? “If the trade war challenge continues for too long or the U.S. experiences a retaliating …
Irvine, Calif. — Faris Lee Investments has arranged the sale of a retail property located in Irvine. A Los Angeles-based buyer acquired the asset from an Irvine-based seller for $6.9 million. Restoration Hardware occupies the property. Rick Chichester, Tom Chichester and Joe Chichester of Faris Lee Investments represented the seller and buyer in the deal.
It’s been a rollercoaster ride for retail, but Rick Chichester, president and CEO of Faris Lee, believes it’s smooth sailing ahead through at least the remainder of 2019, if not longer. This sense of security is largely due to the Fed’s decision to hold interest rates steady after the market reacted negatively to the four increases in 2018. This clarity has also brought renewed optimism and elevated consumer confidence to the market, something Chichester wouldn’t have predicted as little as five months ago. All of this information has given …
Faris Lee’s Rick Chichester believes the U.S. economy may have a stiff price to pay for the low interest rate environment that has continued well after the recovery. Unemployment is low. Consumer confidence is high. The Dow is around 26,000, interest rates remain at historic lows, and the Federal Reserve has paused. America is in a low inflation rate environment, and things couldn’t be better. Right? Yes and no, says Richard Chichester. The president and CEO of real estate investment advisory firm Faris Lee believes there are pluses and minuses …
Indio, Calif. —Faris Lee Investments has arranged the sale of two retail strip centers — Rubidoux Plaza and South Rubidoux — in Indio. The properties sold for a combined total of $4.6 million. Totaling nearly 20,000 square feet, the retail centers are located along California Highway 111 and serve the entire Coachella Valley area. Tom Chichester of Faris Lee Investments represented the seller in the transactions. The names of the seller and buyers were not released.
