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| Heritage Court, Indio, CA |
IRVINE, CA – Faris
Lee Investments, the nation’s largest retail-specialized investment advisory
firm, has completed the $4.75 million sale of a 41,438-square-foot portion of Heritage
Court, a lender-owned retail center.
Built in 2006, the
property is situated on 10.18 acres of land and is located at 44100 Jefferson
Street in Indio, Calif. The center was 54 percent occupied at the close of
escrow and includes Subway, Anytime Fitness, and It’s a Grind.
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| Dennis Vaccaro |
Dennis Vaccaro and Shaun Riley, senior managing
directors with Faris Lee Investments, represented the seller, Sabal Financial
as well as the buyer CADO Heritage LLC from Carlsbad.
“This distressed property offered the buyer a strong upside
potential in lease-up of the currently vacant shops. It also offered a value-add opportunity through potential future
development of two existing unimproved pad sites on the property. Future build-out of those pads could
eventually more than double the size of the existing property,” said Vaccaro.
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| Shaun Riley |
Vaccaro added that Walgreens, which was not a part of the
transaction, is the anchor tenant within Heritage Court offering a strong
customer draw and cross over customers for the other retailers within the
center.
“The asset definitely had its challenges. The shopping
centers in the area have been significantly affected over the past several
years by high vacancies, rent concessions, and decreasing lease rates.
" Showing prospective investors that the
fundamentals in the local market are starting to improve was instrumental in
generating the kind of offer activity we had,” said Riley.
“Ten offers were generated through a Best
& Final bidding process with CADO Heritage LLC winning the deal and closing
within a year-end, 10 day escrow period."
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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