Tuesday, May 13, 2014

Charles Dunn Company Completes $2.7 Million Sale of Retail Property Occupied by Bank of the West in Cerritos, CA


Bank of the West building, 17303 Carmenita Avenue, Cerritos, CA

Charles DeSantis

 LOS ANGELES, CA,  May 13, 2014 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $2.7 million sale of a 3,600-square-foot, single-tenant, NNN-leased property fully occupied by Bank of the West.

The property is situated on .66 acres and is located at 17303 Carmenita Ave. in Cerritos, Calif.

Charles DeSantis and Kyle Gulock of Charles Dunn Company represented the seller, New York-based Big Four, LLC. The buyer was a private investor from Ontario, Calif. who was represented by Richard Lee of R & L Properties-Cerritos Inc.

“The property fell in the sweet spot of 1031 exchange investor criteria present in the market regarding price point and unleveraged return,” said Gulock.

 “We focused our marketing efforts both regionally and locally. We had multiple offers and were able to select the buyer with the highest price and best terms for our seller.”

Kyle Gulock
This is the second transaction DeSantis and Gulock have closed with their client, Big Four, LLC involving real estate with a financial institution as a tenant. The first occurred in February of this year on the $4.39 million sale of a 4,811-square-foot asset also occupied by Bank of the West in Huntington Beach.

 Additionally, this is the third bank-occupied property the team has closed in 2014. 

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

Darcie Giacchetto
D.G. Communications, Inc.

Faris Lee Investments Completes $11.5 Million Receivership Sale of a Major Portion of Spring Valley Town Center in Las Vegas


Lisa Brady

 LAS VEGAS, NV – Faris Lee Investments, a leading retail advisory and brokerage services firm, has completed the $11.5 million sale of a 60,105-square-foot portion of Spring Valley Town Center in Las Vegas.

The retail property was 92 percent occupied at the close of escrow with tenants including The UPS Store, 7 Eleven, GNC, Fatburger, and others.

Tenants within the center that weren’t a part of the sale include anchor tenants La Bonita Supermarkets, Lee’s Discount Liquor and Bank of America.

              The disposition was a receivership sale. Robert Moore, Lisa Brady, and Katie Brase of the Las Vegas office of Faris Lee Investments represented David Jewkes of Integris Realty Services, who acted as court appointed receiver on behalf of the loan servicer Five Mile Capital.

Katie Brase
The all-cash buyer, First Allied Corporation, represented itself in the transaction. The transaction sold at a cap rate of 8.3 percent ($191 a foot) and provided the buyer with a value-add opportunity through lease-up of the vacant space and current lease expiration/turnover.

              Spring Valley Town Center totals nearly 267,000 square feet on 6.1 acres and is well-located on two signalized intersections at 6775 and 6847 W. Flamingo Rd. and 4122 and 4260 S. Rainbow Blvd.

It also offers strong street frontage, visibility and monument signage and is situated less than five miles from the Las Vegas strip with direct access from Flamingo Rd.

              “Investors are screaming for real estate ownership opportunities – which are scarce in the Las Vegas area – as the fundamentals are favorable, retail rents are moving upward, and economic recovery is in full force,” stated Moore, senior managing director with Faris Lee Investments.

Robert Moore
“Faris Lee garnered 15 solid offers on Spring Valley Town Center, making this a prime example of momentum in the market.” 

Moore also observed that the majority of the value-add retail product has been absorbed. “It is difficult to find opportunities at or less than replacement cost in Las Vegas.”

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

Darcie Giacchetto
Spaulding Thompson & Associates


NAI Realvest Completes New Retail Lease for Upscale Resale Shop in Winter Haven, FL

Chris Adams
WINTER HAVEN, FL --- NAI Realvest recently completed a new retail lease agreement for 1,276 square feet at 98 Avenue A NE at the corner of First St. in Winter Haven.  

 NAI Realvest Associate Chris Adams negotiated the transaction on behalf of the local landlords Kathy Brinton and Trudy Adams.  

 The tenant Thrifty Chix, Inc. is an upscale resale shop. 

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

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142