IRVINE, CA, Aug. 14, 2012 – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $1,822,000 sale of a single-tenant retail property occupied by Chevron.
The sale breaks a record for the highest price-per-square-foot of $3,550 for a service station in California over the past five years according to CoStar. Built in 2002, the 533-square-foot property is situated on 11,439 square feet of land and is located at 500, N. Garfield Ave in Montebello (top left photo).
Jeff Conover (middle right photo), senior managing director with Faris Lee Investments, represented the seller, Camden Holdings from Los Angeles. The all-cash 1031 exchange buyer was Fullerton, Calif.-based Sunset Enterprises Trust who was represented by Marcus & Millichap. The offering garnered multiple offers and closed at a cap rate of 6.75 percent.
“Faris Lee sought to position the strong brand of the tenant, Chevron, as well as the strength of the densely populated area,” said Conover. “We reached out to our database with a focus on California 1031 exchange buyers which enabled us to close escrow at a record-breaking price-per-square-foot. This is another testimony to high investor demand for well located, single-tenant credit rated properties.”
There are 19 years remaining on Chevron’s 20-year NNN lease. The property is located at the signalized, intersection of Garfield Ave. and Beverly Blvd. (51,000 vehicles per day), less than 3/4 of a mile south of the 60 Freeway (237,000 vehicles per day). The property also draws from more than 331,000 people living and employed within a 3-mile radius of the property.
Contact:
Darcie Giacchetto
949.278.6224
Spaulding Thompson & Associates
For Faris Lee Investments
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