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| U.S. Bank Building, Vista, CA |
IRVINE, CA, Feb. 27, 2013 – Faris Lee Investments, the
nation’s largest retail-specialized investment advisory firm, has completed the
$2,865,000 ground lease sale of a free-standing U.S. Bank-occupied property
located at 640 Hacienda Dr. in Vista, Calif. in San Diego County.
The sale broke a national sales record as it marked the
lowest cap rate ever of 4.05 percent for a bank-occupied property according to
CoStar records.
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| Matt Mousavi |
Matt
Mousavi, Nicholas D’Argenzio, and Thomas Chichester of Faris
Lee Investments represented the seller, Breeze Hill I, LLC from California. The
all-cash buyer was a San Diego-based private family trust who was
self-represented. This asset fit well
with the family’s long-term planning objectives and offered a secure income
stream in a high barrier to entry market.
“Faris Lee’s Wealth Management Group worked with the buyer,
who was a family trust, to facilitate estate planning,” said Mousavi, managing
director with Faris Lee Investments. “Although this property featured a low
return, Faris Lee positioned the asset as a unique opportunity to acquire a
20-year absolute NNN ground lease with U.S. Bank with extremely rare 2 percent
annual increases.”
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| Nicholas D'Argenzio |
Mousavi added that this is another record-breaking sale for
the firm. Faris Lee sold the first 4 percent cap rate McDonald’s property
nearly two years ago, which reset the market for those specific assets.
Built in 2001, the bank includes a drive-thru, totals 5,300
square feet and is situated on just under one-acre of land within Breeze Hill
Shopping Center, which features national tenants such as LA Fitness, Starbucks,
Carl’s Jr., Rubio’s, FedEx and Chevron, creating excellent tenant synergy and
strong cross-over shopping.
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| Thomas Chichester |
The property is
located at the on/off ramp of California 78/Ronald Packard Freeway and Melrose
Drive (165,200 vehicles per day), and features excellent street frontage and
visibility along Hacienda Drive. In addition there are over 275,000 people
living within a 5-mile radius, with an average household income of $75,000.
For a complete
copy of the company’s news release, please contact:
Darcie Giacchetto,
949.278.6224
Spaulding Thompson & Associates
For Faris Lee Investments
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