Irvine, CA,Nov.9, 2011 – Faris Lee Investments, the nation’s largest retail-specialized investment sales and advisory firm, has completed the $15.43 million sale of a 76,712-square-foot single-tenant retail property occupied by Kohl’s (top left photo) in Upland, Calif.
Built in 1978 and renovated in 2009, the property is situated on just under seven acres at 233 S. Mountain Ave. The property is located within Mountain Green center that includes other retailers such as Trader Joes and CVS.
Rich Walter (middle right photo), president, and Donald MacLellan (middle left photo), senior managing director, of Faris Lee Investments represented the seller, a Lubert –Adler Management West partnership based out of Los Angeles, as well as the buyer, YFP Kohls Upland LLC, also from Los Angeles.
“Faris Lee obtained multiple offers on this property as it offered the stability of a long-term lease with Kohl’s which has approximately 17 years remaining,” said MacLellan. “We focused on the credit and strength of Kohl’s and the strong rental growth based on a near-term rental increase.”
“Faris Lee has extensive experience in successfully marketing credit net leased investments including portfolios that have included Kohl’s, Best Buy and Burlington Coat Factory. We are uniquely qualified to strategically market and brand the strength of the tenant as a highly successful retailer,” said Walter.
The Kohl’s property enjoys excellent visibility along Mountain Avenue with 44,000 cars per day that pass by, and is easily accessed by the adjacent I-10 Freeway that is driven by 248,000 cars per day. Additionally, there are approximately 450,000 consumers in the greater trade area.
The City of Upland has a population of 75,000 and is nestled at the base of the San Gabriel
Mountains just east of the densely populated San Gabriel Valley of Los Angeles County. Upland measures 15.84 square miles, and has a public library, an 18-hole golf course, and 13 community parks with year round activities. There are 11 colleges within a 15-mile radius of the City.
For more information, please visit http://www.farislee.com/.
Contact: Darcie Giacchetto, Spaulding Thompson & Associates, 949.278.6224, For Faris Lee Investments
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