Thursday, December 20, 2012

Faris Lee Investments Completes $9.55 Million Sale of 51,572-SF Retail Property near Palm Springs, CA


  
Washington Square, Bermuda Dunes, CA
 IRVINE, CA– Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $9.55 million sale of a 51,572-square-foot portion of Washington Square, a 136,314-square-foot retail center located in Bermuda Dunes, Calif., a desert city situated 23 miles east of Palm Springs in the Coachella Valley region of Riverside County.

                Dennis Vaccaro, senior managing director, with Faris Lee represented the seller, Washington Square S.C., LLC from Newport Beach, Calif. Vaccaro and Matt Mousavi, managing director with Faris Lee, represented the buyer, 42 Washington Square LP, a partnership out of Orange County, Calif. The closing cap rate was approximately 7 percent.

Dennis Vaccaro
The sold portion of Washington Square, located at 42-100, 42-200 and 42-400 Washington Street, was 97 percent occupied at the close of escrow and includes a 30,000-square-foot HomeGoods store, as well as other neighborhood retailers. 

Tenants within Washington Square that were not a part of the transaction include: Ralph’s, Walgreens, Chase Bank, Big O Tires, Jack in the Box and Wienerschnitzel and others. 

Matt Mousavi
“The desert location of the property came with the preconceived notion of instability of the greater Coachella Valley marketplace,” said Vaccaro.

 “In order to educate potential buyers, Faris Lee crafted a micro-analysis of the asset which clearly highlighted the proven strength of the property as the dominant center in the market. We secured 10 offers and identified a strong buyer who was in a 1031 exchange.”

Faris Lee also assisted the buyer on securing a new loan by educating the lender, UBS, on the property’s strength and stability in order to ensure a smooth and timely close of escrow. 

For a complete copy of the company’s news release, please contact:

Darcie Giacchetto,
949.278.6224
Spaulding Thompson & Associates
For Faris Lee Investments

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