IRVINE, CA, Feb. 24, 2012 – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $7.85 million sale of a 40,000 square foot retail property occupied by Sports Authority in Moreno Valley (Riverside County, Calif.)
Built in 2009 and situated on 3.35 acres, the property is located at 12450 Day Street within the area’s main retail corridor at the intersection of the 60 and 215 freeways.
Dennis Vaccaro (top right photo) and Donald MacLellan (middle left photo) of Faris Lee Investments represented the seller, Gateway Company, L.C. from Newport Beach, Calif. The all-cash buyer, Day Moreno Valley LLC, was an investor from China who was represented by a Michigan-based advisor. Escrow on the property closed in just 28 days.
“The Moreno Valley retail market has been depressed and there were several big box store vacancies near the Sports Authority location, however, the market is in a slow recovery and the location is prime – within the area’s main retail corridor directly off two major freeways,” said Vaccaro.
The transaction was not without its challenges as the tenant has just eight years left on its lease and there were no rental increases remaining on the primary lease term.“Our marketing strategy was to gain international exposure through our proprietary database of buyers and brokers,” said MacLellan. “Faris Lee generated eight offers and identified an international buyer who was willing to view this as a longer term investment.”
Sports Authority is located within the TownGate Crossing retail center and its freeway-adjacent location is known as the “Gateway” to northeast Riverside and western Riverside County.
It is also adjacent to the Moreno Valley Mall (middle right photo), a two-level 1.1 million square foot super-regional mall anchored by Macy’s, Sears, JC Penney, and Harkins 16-Screen Theatre.
Dubbed the Day Street retail corridor which totals approximately 3.5 million square feet, the shopping district services the University of California, Riverside, as well as the affluent communities of Canyon Crest, Wood Crest, Orange Crest, and Victoria.
“This property is another example of the demand for net-leased retail investments in well located, highly populated secondary and tertiary markets,” said Rick Chichester (lower left photo), chief operating officer with Faris Lee Investments.
“Faris Lee continues to see big box properties that have long-term leases being sought after by investors as well as big box properties like this one with a shorter lease, presenting a value-added play once the market recovers.
Contact:
Darcie Giacchetto, 949.278.6224
Spaulding Thompson & Associates
For Faris Lee Investments
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