IRVINE, CA, June 23, 2011 – Faris Lee Investments, the nation’s largest retail investment advisory firm, has completed the $16.5 million sale of Westchester Place (top left photo), a two-story 50,861-square-foot retail center located at 8820-8844 South Sepulveda Blvd. in Los Angeles.
Built in 2007 and situated on 1.71 acres, tenants include: Bed Bath & Beyond, Starbucks Coffee, Wells Fargo and Movement Performance Institute.
Richard Walter (lower right photo), president, Donald MacLellan, senior managing director and Christopher Tramontano, director of Faris Lee Investments represented the seller, Los Angeles-based HFH Westchester LLC. The buyer – who paid all-cash – was United Kingdom-based 481 Albertoni LLC, which was represented by Eileen Garrison of Keller Williams Realty.
“Our marketing strategy was to seek out an all-cash buyer to alleviate any issues that may arise based on the former Wachovia Bank space which was vacated at the time of the takeover by Wells Fargo who remains liable for the remainder of the rent obligations.
“We also tapped into the overseas investor pool due to the dense infill west Los Angeles location which is sought out by international investors because of its stability and long-term appreciation as compared with secondary or tertiary markets,” said MacLellan.
“The property garnered multiple offers and provided the buyer a rare opportunity to acquire irreplaceable real estate on the westside of Los Angeles.”
For more information, please visit www.farislee.com
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Contact: Darcie Giacchetto, 949.278.6224,
Spaulding Thompson & Associates
For Faris Lee Investments
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