Stockton, Calif. – The property sold for $507 per square foot.
Stockton, Calif. – Faris Lee Investments has completed the $3.7 million sale of the Hammer & West pad building, a 7,294-square-foot multi-tenant retail property located in Stockton. The property’s tenants include Western Dental, AT&T and Pizza Hut. The property is part of a larger retail center that is anchored by Walgreens. Jeff Conover, senior managing director with Faris Lee Investments, represented the seller, Orange County-based West Hammer Properties. The buyer, a private investor from Hillsborough, Calif., was also represented by Conover, along with Mirna Gonzales of residential brokerage firm Green Banker. The closing cap rate was 6.57 percent. Built in 2008 and situated on 1.3 acres, the property at the intersection of East Hammer Lane and West Lane sees more than 60,900 vehicles per day. All tenants are on triple net leases.
— Scott Reid