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| 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.
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| 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.
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| 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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