Faris Lee Completes $2.7 Million Sale of Retail Property

Baldwin Park, Calif. — Faris Lee Investments has completed the $2.7 million sale of a single-tenant NNN-leased property occupied by O’Reilly Auto Parts in Baldwin Park.

This sale was the final piece sold by the seller, PCG BP Puente LLC, a single purpose LLC controlled by Paragon Commercial Group, LLC and its investment partners, who previously sold the adjacent parking lot parcel to Kindred Healthcare. The property is contiguous to a freestanding CVS/pharmacy.

The property totals 7,135 square feet on 0.65 acres. The project was a reverse build-to-suit for the tenant, which signed a 15-year lease. Donald MacLellan and Chris Tramontano of Faris Lee Investments represented El Segundo, California-based PCG BP Puente LLC. The buyer, Hill Family Trust, was represented by Dan Willis of Willis Ventures. The closing cap rate was 4.7 percent.

Tagged under