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| The Monet at Victoria Gardens Mall, 12455 Victoria Gardens Lane Rancho Cucamonga, CA |
IRVINE, CA, Oct. 21, 2013 – Faris Lee Investments, the
nation’s largest retail-specialized investment advisory firm, has completed the
$13.2 million sale of The Monet at Victoria Gardens Mall, a fully
occupied, 31,407-square-foot retail center located at 12455 Victoria Gardens
Lane in Rancho Cucamonga, Calif.
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| Jeff Conover |
The Monet is an outparcel to Victoria Gardens, a
regional mall totaling more than 1.9 million square feet. Tenants at The Monet
include Destination XL, Destination Maternity, Shakey’s Pizza, Pacific Dental
and others.
Jeff Conover
and Matt Mousavi of Faris Lee Investments represented the buyer, Fit
Development, LLC from Sacramento, as well as the seller, Monet in Rancho
Development, LLC from Indianapolis. The sale garnered a high $420
per-square-foot price.
“The property never
hit the market as we were able to deal-match the buyer with the seller through
our FLI Exchange database,” said Jeff Conover, senior managing director with
Faris Lee Investments.
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| Matt Mousavi |
“We identified the buyer who was in a 1031 exchange and
needed to purchase another property within its required time frame, and that
matched its return threshold. The seller was seeking a compressed transaction
time as well. Overall, we were able to craft a seamless transaction situation
for both parties.”
Built in 2007, The
Monet at Victoria Gardens Mall is situated on 2.66 acres and is located in the
cultural and commercial heart of the City of Rancho Cucamonga at the on/off
ramp to Foothill Blvd. and Interstate 15. Victoria Gardens Mall is home to
national retailers including JCPenney, Macy’s and Bass Pro Shops Outdoor World.
The property is within a very strong demographic area with
approximately 950,000 consumers and more than 306,000 daytime employees within
a 10-mile radius, and an average annual household income in excess of $92,000
within a one-mile radius of the property.
For a complete
copy of the company’s news release,
please contact:
Darcie Giacchetto
Spaulding Thompson & Associates
For Faris Lee Investments
949.278.6224
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