Faris Lee Investments Completes $5.27 Million Sale of Retail Property Occupied by Hobby Lobby in Visalia, CA

IRVINE, CA, Feb. 27, 2012 – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $5,272,000 sale of a 59,283 square foot retail property occupied by Hobby Lobby (top left photo) in Visalia, Calif.

Situated on 4.89 acres, the property is located at 3231 S. Mooney Blvd. as an anchor to the Sequoia Mall (lower left photo)which includes Sears and Regal Theaters, with Marshalls and Bed Bath & Beyond adjacent to the mall.

Also included in the sale is a potential developable outparcel, which has been approved by Hobby Lobby and the mall ownership, for up to 5,000 square feet of rentable area.

Donald MacLellan (top right photo)  and Richard Walter (middle left photo) of Faris Lee Investments represented the seller, Lubert –Adler Management West Inc.

Dennis Vaccaro (lower right photo) of Faris Lee Investments represented the buyer, a private investor from Los Angeles, who paid all-cash.

“This Visalia location which opened a year ago was Hobby Lobby’s first California store and was purported to have one of the strongest store openings in the chain’s history,” said MacLellan. “Faris Lee’s strategy was to educate the capital-rich California buyer pool on the strength of Hobby Lobby as a leading retailer in the industry.”

Vaccaro added: “Hobby Lobby is located in the former Mervyn’s anchor space of Sequoia Mall which has significant vacancy, however, the superior positioning of the Hobby Lobby building within the recovering Visalia marketplace offered an opportunity to capitalize on the property’s intrinsic value.”

 

 Hobby Lobby is located along S. Mooney Blvd. with excellent visibility and strong traffic counts at the intersection of Caldwell Avenue and Mooney Boulevard (56,000 cars per day).

Hobby Lobby operates about 435 stores in 35 states and sells arts and crafts supplies, baskets, beads, candles, frames, home-decorating accessories, and silk flowers. It also has operations in China, Hong Kong, and the Philippines, and it is the #3 craft and fabric retailer (behind Michaels Stores and Jo-Ann Stores). Sister companies, Crafts, Etc! and Hemispheres, supply Hobby Lobby stores with merchandise, received from its Oklahoma distribution facility.

“California capital continues to seek out single-tenant property within the state as well as in other well-located markets throughout the country,” said Walter. “The marriage between location and tenant strength is key to investor appeal as more often than not, annual returns are more reliable and more profitable than other non-real estate investment options.”

 For more information, please visit www.farislee.com.

Contact:              

Darcie Giacchetto,

949.278.6224

Spaulding Thompson & Associates

For Faris Lee Investments