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| Shaun Riley |
IRVINE, CA, Dec. 10,
2014 – Faris Lee Investments, a leading retail advisory and investment sales
firm, has completed the $5.04 million sale of an 8,118-square-foot,
single-tenant, NNN-leased retail property fully occupied by Citibank in Costa
Mesa, Calif. Citibank has 10 years remaining on its lease.
Shaun Riley, senior managing director with Faris Lee
Investments represented the 1031 exchange buyer, a Pasadena, Calif.-based
Family Trust who paid all-cash for the asset. The seller, CP Sunshine, LLC from
Lafayette, Calif. was represented by Equity Investment Advisors.
Located at 2700 Harbor Blvd., the property is situated on
.68 acres and is adjacent to Mesa Verde Shopping Center, anchored by Vons with
a number of other national tenants.
The highly visible property sees a daily
traffic count in excess of 51,000 cars per day and has more than 485,000 people
living within a five-mile radius.
“The buyer is a long-time client who was in a 1031 exchange
and had recently sold a mixed-use property,” said Riley.
“Because of the constrained market, we advised the buyer to
structure the down leg portion of the exchange to allow them enough time to
locate a suitable property.
"This strategy enabled our client to close escrow
months before reaching the 180-day deadline on the 1031 exchange.”
Riley noted that the property’s immediate area has seen a
strong revitalization over the past several years with new development and the
subsequent attraction of new tenants in the growing retail corridor.
For a complete copy of the company’s news release, please
contact:
Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224
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