IRVINE, CA, Feb. 7, 2012 – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed a total of $5,527,000 in two record-breaking retail property transactions in the Inland Empire market of Southern California.
The first transaction was a $3,292,000 sale of a single-tenant property occupied by Farrell’s Ice Cream Parlour Restaurant (top left photo) located at 10742 Foothill Boulevard in Rancho Cucamonga.
The second transaction was a $2,235,000 sale of a property occupied by Big 5 Sporting Goods (top right photo)located at 16963 Sierra Lakes Parkway in Fontana.
For the Farrell’s transaction, Jeff Conover and Rich Walter (middle left photo) represented the seller, Bengard-Foothill LLC from Orange County, Calif. The buyer, 4021 LLC from San Diego, Calif., was represented by Acadia Corporation.
The sale closed at a 7.5 percent cap rate which is the lowest cap rate for a sit down restaurant (non-fast food) in the Inland Empire over the past two years. The property, which totals 7,841 square feet and is situated on 1.25 acres, just recently opened its doors after an extensive building renovation that completed in late 2011.
“Farrell’s has been a top performer since expanding in the Southern California market. We knew that there was a great opportunity to focus on our proprietary database of buyers and brokers, especially sourcing private investors and 1031 exchange buyers who would appreciate this quality single tenant transaction,” said Walter. “This investment offered the buyer a well-performing restaurant chain with a long-term lease and no landlord responsibilities.”
As the nation’s largest retail investment firm, Faris Lee has been able to capitalize on and engineer demand within the single tenant market. This transaction is indicative of how the firm applies its unique street-level marketing expertise to yield the best buyers and, in turn, create a record-breaking transaction for the Inland Empire market.
“This property sale was done in a pre-sale environment where it was marketed and garnered offers prior to being completed,” said Conover.
Farrell’s is an old-fashion themed ice cream parlor and full restaurant.
The property fronts the 611,000 square foot Terra Vista Town Center (lower left photo) that is anchored by Target, Ross, Old Navy, Michael’s, Bally’s Total Fitness, and Terra Vista 6 Cinemas.
Farrell’s has excellent street visibility along Foothill Boulevard, a major east/west thoroughfare also known as Route 66 with traffic counts of more than 68,000 vehicles per day at the intersection of Foothill Boulevard and Haven Avenue.
“The Big 5 transaction is another example of how much demand exists in the single tenant market,” added Conover.
For the Big 5 Sporting Goods transaction, Jeff Conover and Matt Mousavi (middle right photo) of Faris Lee represented the seller, PRP Investors Fontana, LLC who developed the property. The all-cash buyer, Kalmuk Trust from Los Angeles was represented by Opics Properties. The property generated ten offers.
“This sale closed at a 6.47 percent cap rate which is the lowest cap rate for a Big 5 sold in the United States over the past 12 months,” said Mousavi. “It is well located within a huge retail-rich area, providing a great cross-over synergy with the other nearby stores.”
The property totals 10,000 square feet and is situated on 1.3 acres of land. The property is located within the Shops at Sierra Lakes and is just north of Interstate 210 at the southeast corner of Sierra Avenue and Sierra Lakes Parkway.
This location offers superb synergy with the 880,000 square foot Sierra Lakes Commercial Corridor, which includes Lowe’s, Costco, Petco, Office Max, Ralphs, Home Depot, Dollar Tree, Sierra San Antonio Medical Center and LA Fitness.
There are over 270,600 people within a 5-mile radius, with an average household income above $72,000.
Contact:
Darcie Giacchetto,
949.278.6224
Spaulding Thompson & Associates
For Faris Lee Investments
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