Faris Lee Arranges $12.7 Million Sale of Multi-Tenant Retail Property in California

by Scott Reid

Baldwin Park, Calif. — The closing cap rate of the property, built in 1987, was 5.9 percent. 

Faris Lee Investments has arranged the $12.7 million sale of a fully occupied, 24,262-square-foot, multi-tenant, retail property in Baldwin Park, California. The property has a total of 13 tenants including Verizon, AT&T, Gamestop and Fantastic Sams. It is part of Baldwin Park Towne Center, a larger regional retail development that is anchored by Home Depot along with other national tenants that include McDonald’s, Denny’s, Starbucks and a 178-room Marriott Courtyard Hotel. Rick Chichester, Matt Mousavi, and Tom Chichester represented the seller, Los Angeles-based Gershman Properties LLC. The buyer, Baldwin Park Plaza 11 LP of Colorado, was represented by Newmark Grubb Knight Frank. 

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