IRVINE, CA, Feb. 22, 2012 – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has announced it has brought together Anaheim-based Milan Capital Management and several other Southern California-based private investors who have formed a joint venture partnership to acquire Santa Fe Springs Promenade (top left photo).
The center, which is the area’s most dominant retail property, was sold by F.J. Hanshaw Properties for $23 million.
Dennis Vaccaro (top right photo), Rich Walter (middel left photo) and Matt Mousavi (middle right photo) of Faris Lee Investments brought together the buyers.
“Faris Lee offers specialized client representation to identify opportunities that fit well with unique investor appetites. We have had a long-time relationship with Milan Capital and were able to identify this opportunity for them to be the managing member of the partnership as well as bring together joint venture capital partners,” said Vaccaro.
Santa Fe Springs Promenade totals approximately 114,629 square feet and is situated on 8.22 acres of land. Some the property’s major tenants include Jax Market, Bank of America, Taco Bell/KFC, Jack in the Box, and GSA. The property offers access to all main highways including Telegraph Road, Orr & Day Road, and the 605 Freeway. The site also features a jumbotron sign visible from the freeway for tenant advertising.
Continuing its advisory role, Faris Lee will work with the buyer of Santa Fe Springs Promenade on executing a strategic repositioning of the property.
“Faris Lee advised the joint venture on a unique tenant repositioning opportunity to solidify both anchor and junior anchor tenant spaces, bring rents up to market rates, renegotiate upcoming lease expirations, and lease up currently vacant space,” said Walter.
“Additionally, we will work with the joint venture on recommendations for a complete remodel of the property as well as parcelizing the asset as part of a break-up exit strategy down the line.”
According to Rick Chichester (lower left photo), chief executive offer with Faris Lee Investments, over the years, Faris Lee’s deep rooted relationships with lenders, investors and the greater retail property investment community have worked together to grow Faris Lee’s investment advisory role.
“With today’s intricate and complex investment environment, and the complexities specific to retail property investments, it is critical to offer a wide range of services to our clients,” said Chichester.
“It’s not enough to offer one investment opportunity or one financing option, there must be a broad base of comprehensive, integrated services to extend to our clients to appropriately protect, enhance and create value. In this particular case, Faris Lee acted as the investment advisor to create a strategic, structured partnership, and advise on the go-forward strategies to maximize value.”
Contact: Darcie Giacchetto, 949.278.6224, Spaulding Thompson & Associates
For Faris Lee Investments
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