IRVINE, CA– Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $20.75 million sale of a single-tenant property occupied by Forever 21 (top left photo) within The Shops at Montebello. The store is located at 1800 Montebello Town Center in Montebello, totals 81,619 square feet and is situated on 5.6 acres.
Donald MacLellan (middle right photo), senior managing partner, and Christopher Tramontano (middle left photo), managing director, of Faris Lee Investments represented the seller, Macerich, an owner, operator, and developer of retail properties from Santa Monica.
The all-cash buyer was a large core fund advised by Hartford -based UBS Realty Investors LLC who represented itself in the transaction.
“Faris Lee’s marketing strategy was to focus on all investor pools from the large institutional buyers to the private high net worth investors with holdings in Southern California utilizing our extensive proprietary investor database,” said MacLellan.
“The offering presented a unique opportunity to acquire a Forever 21 long-term leased investment. We garnered multiple offers and sold the asset very close to the asking price to an all-cash buyer.”
“Forever 21 is on a new long term absolute NNN lease with over 16 years remaining on the initial term and attractive rental increases of 10 percent every five years,” added Tramontano.
Forever 21 is a dominant anchor tenant in The Shops at Montebello, a successful regional mall located adjacent to the Pomona (60) Freeway (193,000 vehicles per day) and in close proximity to Los Angeles Freeways; Interstate 605 and 710.
The mall is co-anchored by Macy’s, Macy’s Home Store, and JCPenney. The trade area includes over 2.5 million residents. Additionally, the store ranks in the top tier within the retailer’s national chain.
“High quality locations adjacent to successful regional malls such as this asset are very highly sought after,” said Rick Chichester, president and COO of Faris Lee Investments. “Investors are plentiful in the $20 million-plus price range as they appreciate the traditional fundamentals of a property with all the qualities vital to a well-rounded investment.”
Forever 21 operates more than 480 stores under the Forever 21, XXI Forever, ForLove 21, and Heritage 1981 banners in the United States as well as internationally. The chain offers chic apparel and accessories for women, men, teens, and kids.
Contact:
Darcie Giacchetto,
949.278.6224
Spaulding Thompson & Associates
For Faris Lee Investments
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