Friday, January 25, 2013

Faris Lee Investments Completes $4.75 Million REO Retail Center Sale in Indio, CA

Heritage Court, Indio, CA
IRVINE, CA – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $4.75 million sale of a 41,438-square-foot portion of Heritage Court, a lender-owned retail center.

 Built in 2006, the property is situated on 10.18 acres of land and is located at 44100 Jefferson Street in Indio, Calif. The center was 54 percent occupied at the close of escrow and includes Subway, Anytime Fitness, and It’s a Grind.

Dennis Vaccaro
Dennis Vaccaro and Shaun Riley, senior managing directors with Faris Lee Investments, represented the seller, Sabal Financial as well as the buyer CADO Heritage LLC from Carlsbad. 

“This distressed property offered the buyer a strong upside potential in lease-up of the currently vacant shops.  It also offered a value-add opportunity through potential future development of two existing unimproved pad sites on the property.  Future build-out of those pads could eventually more than double the size of the existing property,” said Vaccaro.

Shaun Riley
Vaccaro added that Walgreens, which was not a part of the transaction, is the anchor tenant within Heritage Court offering a strong customer draw and cross over customers for the other retailers within the center.

“The asset definitely had its challenges. The shopping centers in the area have been significantly affected over the past several years by high vacancies, rent concessions, and decreasing lease rates. 

" Showing prospective investors that the fundamentals in the local market are starting to improve was instrumental in generating the kind of offer activity we had,” said Riley.

  “Ten offers were generated through a Best & Final bidding process with CADO Heritage LLC winning the deal and closing within a year-end, 10 day escrow period."

For a complete copy of the company’s news release, please contact:

Darcie Giacchetto,
Spaulding Thompson & Associates
For Faris Lee Investments

Apartment Property in Chicopee, MA Sells for $5.4 Million

68--91 Edbert Street, Chicopee, MA
 FRAMINGHAM, MA – Investment sales broker Northeast Private Client Group has announced the sale of 68-91 Edbert Street, a 94-unit apartment building in Chicopee, Massachusetts.  

Colin Moynihan, regional manager of the firm’s Framingham office, represented the seller and the buyer in the $5,400,000 transaction, which closed on December 28th.

 “High occupancy and growing rents in Western Massachusetts are driving strong demand for multifamily properties,” notes Moynihan.  “This Chicopee asset is well positioned to benefit from a continued rebound in the local economy.”

Colin Moynihan
The seller, Mall Apartments Trust based in Cape Cod, was a long-time owner of the 94-unit Mall Apartment property.  Anticipating changes in the tax laws, the Trustee hired Northeast Private Client Group to source a competitive buyer capable of closing before the end of 2012. 

  The buyer, Chestnut Realty Partners of Springfield, MA, is a fund focused on long-term, stable cash-flowing real estate assets.  The purchase price equates to $57,446 per unit, and represents a capitalization rate of 7.5 per cent on 2012 net operating income.

Edward Jordan
"Coming out of the recession, there's been a tremendous appetite for apartment buildings, and investors are looking for cash-flowing assets," explains Edward Jordan, JD, CCIM, the firm’s managing director.

 “This challenging period has created opportunity in multifamily real estate, with fewer people qualifying for mortgages and more families renting for longer periods of time.”


Rick Leonard

Charles Dunn Completes Sale of Milano Lofts, an Historic Residential/Retail Property in Downtown Los Angeles, in Off-Market Transaction

Milano Lofts, Los Angeles, CA
LOS ANGELES, CA – Janet Neman and Bryan Glenn of Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, completed the sale of Milano Lofts, a 12-story, art deco style, mixed-use property totaling 131,433 square feet.

The property consists of 99 luxury, residential apartment units and over 6,000 square feet of ground floor retail space occupied by two restaurants: Industriel and Yorkshire Grill. The property was 100 percent occupied at the close of escrow and is located at 609 S. Grand Avenue in the financial district of Downtown Los Angeles. 

Janet Neman
Janet Neman, senior managing director, and Bryan Glenn, senior director, of Charles Dunn Company represented the seller, Grand Pacific Lofts, LP, as well as the buyer, Equity Residential in an off-market transaction.

“Our strong track record and intimate knowledge of the Downtown submarket allowed us to quickly identify a buyer that we knew would recognize the incredible location and historical value of this asset,”  said Neman. “It was a smooth, all-cash transaction with a buyer that sees the bright future for Downtown and for this property.”

Bryan Glenn
The Milano Lofts property was built in 1925 as the Edwards & Wildey building. 

The property was converted under the Downtown Los Angeles adaptive reuse ordinance to high-end, loft-style condominiums in 2005 by the developer, Grand Pacific Lofts, who later decided to lease them as luxury apartments.

 Additionally, the property benefits from the Mills Act Historical Property Contract Program which recognizes the historical and architectural value of the building and provides a reduced property tax basis.

For a complete copy of the company’s news release, please contact: 

 Darcie Giacchetto
D.G. Communications, Inc.

Faris Lee Investments Completes Two Retail Property Sales Totaling $8.8 Million

La Habra Town Center, La Habra, CA
 IRVINE, CA, Jan. 25, 2013 – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed two separate transactions totaling $8.8 million as part of a break-up strategy within La Habra Town Center.

Built in 2000, the properties, located at 1820, 1950 and 1970 W. Whittier Blvd. in La Habra, Calif., include a 5,650-square-foot Union Bank-occupied property, which sold for $3,621,000, as well as a two-building 15,179-square-foot shops property that sold for $5.2 million and includes Starbucks, Quiznos and Cold Stone Creamery as tenants.
Dennis Vaccaro

Nicholas Coo and Dennis Vaccaro, senior managing directors with Faris Lee Investments, represented the seller/developer, La Habra Town Center, LLC from Newport Beach, Calif.

The buyer for Union Bank was LH Property, LLC and was represented by David Sternberg of Roessler Investment Group. It sold at a 5.4 percent cap rate.

The buyer for the shops property was Elicelrena Group, LLC and was represented by Jason and Katie Min of JK Group. It sold for a 6.8 percent cap rate and was 90 percent occupied. 

Nicholas Coo
“Faris Lee Investments proposed a break-up sales strategy to the seller in order to maximize the cumulative sales price of the assets,” said Vaccaro. “Despite the additional work of two individual deals as opposed to just one, our experience with these complex transactions enabled us to meet the challenging year-end closing requirement of the seller as well.”

Anchored by Albertson’s and Rite-Aid, which were not a part of the sales, the property is located at the highly trafficked, signalized intersection of N. Beach Boulevard and W. Whittier Boulevard which sees more than 67,000 vehicles per day. The surrounding market area features over 414,000 consumers living within a 5-mile radius, with an average household income in excess of $91,000.

Located at Orange County’s northernmost corner, La Habra is 7.3 square miles with a population of 61,789 and approximately 21,000 households. It is conveniently located within an hour’s drive of many beaches, mountain, and desert recreation areas.

For a complete copy of the company’s news release, please contact

 Darcie Giacchetto
Spaulding Thompson & Associates
For Faris Lee Investments

First Data Offers $20,000 Working Capital Strategy for Small Businesses

ATLANTA, GA--First Data Corp., a 43-year-old, Atlanta, GA-based global payment processing company with a merchant base exceeding 4.1 million locations worldwide, offers small businesses, including real estate firms, a strategy to obtain $20,000 of working capital in short order, according to Account Executive John Tunde Freeman.

Freeman states the company’s “advanced solutions” program is the key.  “We have the best solutions in the market place,” he says.  “Confuse your predators by transforming your credit card data into something entirely different.”

Freeman cites the TransArmorSM solution from First Data is “a unique combination of encryption and tokenization.”

He says, the TransArmorSM solution “armors and transforms payment card data into a randomly generated token number. The token is meaningless to anyone who may breach your database, protecting both you and your customer.”

Freeman points out First Data’s Advanced Business Products program helps expand small businesses’ volume by offering:   

---Cash advances provide quick working capital.

-ATM Solutions to increase store traffic

---Gift Cards increase store traffic and customers make your business a frequent destination

---Electronic Check Acceptance allows small businesses to accept checks from anywhere "just like a credit card," Freeman states.

---Wireless Terminals to give businesses efficiency and mobility

---E-Commerce Solutions to allow businesses to accept credit/debit cards over the internet

-POS (point of sale systems) for restaurant and retail to improve efficiency and ensure effective management of the  business

First Data’s portfolio includes merchant transaction processing services; credit, debit, private-label, gift, payroll and other prepaid card offerings; fraud protection and authentication solutions, credit reporting agency services (through First Data Merchant Services Corporation); electronic check acceptance services through TeleCheck; as well as Internet commerce and mobile payment solutions.

The company's STAR Network offers PIN-secured debit acceptance at ATM and retail locations.


John Tunde Freeman
Account Executive

Phone (770) 303-1540
Fax  (877) 505-1823
(402) 916-2865