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| 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.
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| 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.
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| 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
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