Three Properties in California

Faris Lee Investments Arranges Three Sales Totaling $24.8 Million in California

by Julia Sanders

Cypress, Santa Ana and Chino Hills, Calif. — Faris Lee Investments has arranged three off-market acquisitions: Meridian Plaza, a multi-tenant retail center anchored by Dollar Tree in Cypress, a Starbucks in Santa Ana and a strip center in Chino Hills. Nick Miller and Shaun Riley of Faris Lee Investments represented a 1031 exchange Orange County-based family office buyer in all three transactions.

Meridian Plaza, is a 28,500 square feet property fronting Katella Avenue. The property’s tenants including Starbucks, Dollar Tree, H&R Block and Wienerschnitzel. The buyer acquired the property for $13 million.

Starbucks, is located along N. Grand Avenue and Fairhaven Avenue. The tenant had just signed a brand new corporate guaranteed 10-year lease providing the investor an opportunity to acquire a secure and stable asset. The buyer acquired the property for $4.3 million. The transaction closed at a 4.05 percent cap, five days before the client’s 1031 expired.

Chino Hills Courtyard is a 9,193-square-foot strip center. The property is 100 percent occupied by eight tenants with tenants including Rubio’s, Jersey Mike’s Subs, Mathnasium Tutoring Services, DogHaus and Bank of America. The tenants are all on a NNN basis, creating minimal landlord management and passive income. Also, multiple tenant leases feature rental increases and options to extend. The buyer acquired the property for $7.5 million. Tom Chichester and Nick D’Argenzio at Faris Lee Investments represented the seller, a private investor based out of South Orange County.

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