Friday, January 25, 2013

Faris Lee Investments Completes Two Retail Property Sales Totaling $8.8 Million


  
La Habra Town Center, La Habra, CA
 IRVINE, CA, Jan. 25, 2013 – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed two separate transactions totaling $8.8 million as part of a break-up strategy within La Habra Town Center.

Built in 2000, the properties, located at 1820, 1950 and 1970 W. Whittier Blvd. in La Habra, Calif., include a 5,650-square-foot Union Bank-occupied property, which sold for $3,621,000, as well as a two-building 15,179-square-foot shops property that sold for $5.2 million and includes Starbucks, Quiznos and Cold Stone Creamery as tenants.
Dennis Vaccaro

Nicholas Coo and Dennis Vaccaro, senior managing directors with Faris Lee Investments, represented the seller/developer, La Habra Town Center, LLC from Newport Beach, Calif.

The buyer for Union Bank was LH Property, LLC and was represented by David Sternberg of Roessler Investment Group. It sold at a 5.4 percent cap rate.

The buyer for the shops property was Elicelrena Group, LLC and was represented by Jason and Katie Min of JK Group. It sold for a 6.8 percent cap rate and was 90 percent occupied. 

Nicholas Coo
“Faris Lee Investments proposed a break-up sales strategy to the seller in order to maximize the cumulative sales price of the assets,” said Vaccaro. “Despite the additional work of two individual deals as opposed to just one, our experience with these complex transactions enabled us to meet the challenging year-end closing requirement of the seller as well.”

Anchored by Albertson’s and Rite-Aid, which were not a part of the sales, the property is located at the highly trafficked, signalized intersection of N. Beach Boulevard and W. Whittier Boulevard which sees more than 67,000 vehicles per day. The surrounding market area features over 414,000 consumers living within a 5-mile radius, with an average household income in excess of $91,000.

Located at Orange County’s northernmost corner, La Habra is 7.3 square miles with a population of 61,789 and approximately 21,000 households. It is conveniently located within an hour’s drive of many beaches, mountain, and desert recreation areas.

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

 Darcie Giacchetto
 949.278.6224
Spaulding Thompson & Associates
For Faris Lee Investments






No comments:

Post a Comment