IRVINE, CA – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $4.51 million sale of a single-tenant property occupied by Goodwill of Southern California (GSC) (top left rendering).Renovated in 2011, the 21,600 square foot property is situated on 1.08 acres and is located at 18901 Soledad Canyon Road in Santa Clarita, Calif.
Donald MacLellan (middle right photo), senior managing partner, and Christopher Tramontano (middle left photo), managing director, of Faris Lee Investments represented the seller, Paragon Commercial Group from El Segundo, Calif. along with Adam Fisher at Centerra Retail Group who provided the local leasing market expertise.
The buyer was 11730 Ventura Blvd, LLC, a private 1031 exchange buyer from Ventura, Calif. who was represented by Illi Commercial Real Estate. The closing cap rate was 7 percent, which according to CoStar is the lowest cap rate for a Goodwill-occupied property in California for the past seven years.
“Faris Lee positioned the proven strength of the tenant, the long-term lease and opening success of the store as our marketing strategy,” said Tramontano. “There was significant offer activity and we sold the asset at very close to the asking price and at a record-breaking low cap rate.”
For a complete copy of the company’s news release, please contact:
Darcie Giacchetto
949.278.6224
Spaulding Thompson & Associates
For Faris Lee Investments
No comments:
Post a Comment