Santa Fe Springs, Calif. — Faris Lee Investments has negotiated the $3.65 million ground-lease sale of a single-tenant retail property occupied by Jack in the Box in Santa Fe Springs.
Matthew Mousavi and Joe Chichester of Faris Lee Investments represented the seller, a private partnership from Orange County, California, as well as the buyer, also based in Orange County, who paid all cash. The property closed at a 4 percent cap rate.
Built in 1984, the property is situated on 0.47 acres and totals 2,872 square feet. It is located within Santa Fe Springs Promenade, a shopping center that is newly anchored by 99 Cent Only, along with other national retailers including Bank of America, Auto Zone, KFC/Taco Bell and others.