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| Jeff Conover |
IRVINE, CA, Oct. 17, 2012 – Faris Lee Investments, the
nation’s largest retail-specialized investment advisory firm, has completed the
$11.11 million sale of a single-tenant, big-box, NNN-leased retail property
occupied by Sports Authority.
Built in 1994 with a complete rehab in 2012, the
46,000-square-foot property is situated on 4.03 acres and is located at 3610
Torrance Blvd. in Torrance, Calif.
Jeff Conover with Faris Lee Investments represented
the seller, Los Angeles-based Torrance Gateway LP. Shaun Riley with Faris Lee Investments represented the
buyer, RPM Investments from Los Angeles.
The closing cap rate on the transaction was 7.4 percent.
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| Shaun Riley |
“This was an off-market transaction,” said Conover. “Through
Faris Lee’s proprietary database of private capital investors and 1031 exchange
buyers, we were able to quickly identify a 1031 buyer who paid all-cash for the
property.”
Sports Authority is the nation’s top sporting goods chain
with more than 470 stores in 45 states, and was ranked 127th in Forbes Largest
Private Companies.
“Based on the strength of the tenant, the buyer purchased
the property with six years remaining on the lease,” said Riley. “The property
benefits from excellent street frontage and visibility along Torrance
Boulevard, and draws customers from the adjacent Del Amo Fashion Center which
is anchored by Macy’s, JCPenney, Sears, and AMC Theaters.”
The property has more than 225,000 people living within a
3-mile radius, with an average annual household income above $102,000.
“The demand from buyers for the single-tenant net-leased
properties product type is still very strong as they look for secure and stable
investments,” said Conover.
“What other
investment vehicle is available for an investor to earn relatively strong
returns with proven companies? Certainly not the financial markets. In this
transaction, for example, this investor is receiving a 7.4 percent annual
return, versus the CD market where you are only earning less than one percent.”
Contact:
Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224
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