Faris Lee Executes Break-Up Strategy of Three Sales Totaling $11.4 Million in Southern California

by Alex Tostado

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 66,000-square-foot Central Plaza Shopping Center was constructed this year. Jeff Conover and Chris DePierro of Faris Lee represented the seller HFC/PRP Elsinore LLC, in the all three transactions. The buyers were not disclosed.

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