Friday, January 25, 2013

Faris Lee Investments Completes $4.75 Million REO Retail Center Sale in Indio, CA



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.

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.

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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