Wednesday, February 27, 2013

Faris Lee Investments Completes Record-Breaking Ground Lease Sale of a U.S. Bank-Occupied Property in Vista, CA


  
U.S. Bank Building, Vista, CA
 IRVINE, CA, Feb. 27, 2013 – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $2,865,000 ground lease sale of a free-standing U.S. Bank-occupied property located at 640 Hacienda Dr. in Vista, Calif. in San Diego County.

The sale broke a national sales record as it marked the lowest cap rate ever of 4.05 percent for a bank-occupied property according to CoStar records.

Matt Mousavi

 Matt Mousavi, Nicholas D’Argenzio, and Thomas Chichester of Faris Lee Investments represented the seller, Breeze Hill I, LLC from California. The all-cash buyer was a San Diego-based private family trust who was self-represented.  This asset fit well with the family’s long-term planning objectives and offered a secure income stream in a high barrier to entry market.

“Faris Lee’s Wealth Management Group worked with the buyer, who was a family trust, to facilitate estate planning,” said Mousavi, managing director with Faris Lee Investments. “Although this property featured a low return, Faris Lee positioned the asset as a unique opportunity to acquire a 20-year absolute NNN ground lease with U.S. Bank with extremely rare 2 percent annual increases.”

Nicholas D'Argenzio
Mousavi added that this is another record-breaking sale for the firm. Faris Lee sold the first 4 percent cap rate McDonald’s property nearly two years ago, which reset the market for those specific assets.

Built in 2001, the bank includes a drive-thru, totals 5,300 square feet and is situated on just under one-acre of land within Breeze Hill Shopping Center, which features national tenants such as LA Fitness, Starbucks, Carl’s Jr., Rubio’s, FedEx and Chevron, creating excellent tenant synergy and strong cross-over shopping.

Thomas Chichester
The property is located at the on/off ramp of California 78/Ronald Packard Freeway and Melrose Drive (165,200 vehicles per day), and features excellent street frontage and visibility along Hacienda Drive. In addition there are over 275,000 people living within a 5-mile radius, with an average household income of $75,000.

 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