IRVINE, CA, Aug. 12, 2010 – Faris Lee Investments, the nation’s largest retail-specialized investment sales and advisory team, has completed the $11.75 million sale of The Town Center Ontario, a 128,330-square-foot retail property that was 85 percent vacant at the close of escrow.
Built in 2002, the center is situated on approximately 11.59 acres and is located at 701-769 N. Milliken Ave in Ontario, Calif. Faris Lee was able to secure an international buyer prepared to pay all cash for the location.
Donald MacLellan, senior managing director, Faris Lee Investments, and Richard Walter (middle right photo), president, Faris Lee Investments, represented the seller, LNR, based in Miami, FL.
The buyer, who paid all cash, was Oxylane Groupe-Decathlon, one of the largest manufacturers of sports apparel and equipment in the world.
Based in France, Oxylane Groupe-Decathlon was represented by Epsteen & Assoc./Samuels Company. With this transaction, the retailer has confirmed Ontario as one of its first U.S. retail locations.
The buyer cited the high traffic location at the confluence of the I-10 and I-15 freeways across from Ontario Mills, California’s largest outlet and value retail shopping destination at 1.7 million-square-feet, as important to its decision. Ontario Mills attracts more than 20 million visitors annually.
“At first the center was a major marketing challenge because of its 85 percent vacancy,” said MacLellan. “However through Faris Lee’s proprietary investor database we were able to utilize a national and international database of buyers to identify an owner-user who planned on occupying a large portion of the center.”
Contact: Darcie Giacchetto, Spaulding Thompson & Associates, For Faris Lee Investments, 949.278.6224
No comments:
Post a Comment