Monday, December 12, 2016

Faris Lee Investments Completes $5.2 Million Sale of a Multi-Tenant Retail Property in Lathrop, CA

Lathrop Crossing Retail Center, Lathrop, CA

IRVINE, CA, Dec. 12, 2016 – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $5.2 million sale of Lathrop Crossing, a 16,303-square-foot multi-tenant retail property in Lathrop, Calif., a Central California city located south of Stockton.

Jeff Conover, senior managing director with Faris Lee Investments, represented the seller, San Francisco-based Lathrop Crossing, LLC. The buyer, Los Gatos, Calif.-based Vattadi Lathrop Crossing, LLC, was represented by Prince Realty. The property sold at a price per square foot of $319 and a cap rate of 6.25 percent.

Jeff Conover
Built in 2008 and situated on 2.48 acres, the property is located at 15320-15346 S. Harlan Road with high-profile exposure and unobstructed visibility to Interstate 5. It is fully occupied by six tenants including Little Caesars Pizza, Dickey’s BBQ, Subway, and In-Shape Fitness occupying 47 percent of the total square footage.

“This property stands to increase in future value as its location is within a region that is poised for a significant amount of job growth over the next several years,” said Conover. “Investors are seeking retail assets like this one that not only have strong tenancy with longer-term leases, but are also situated in areas that show paths of progress.”

Lathrop Crossing benefits from its proximity to major corporate offices and distribution centers including Tesla, Amazon, In-N-Out, John Deere, and Ghirardelli Chocolate.

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

Darcie Giacchetto
Spaulding Thompson Associates

No comments: