Tuesday, March 26, 2013

Faris Lee Investments Completes $4.27 Million Sale of Retail Center in Pico Rivera, CA



Pico Crossings, Pico Rivera, CA
RVINE, CA, March 26, 2013 – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $4.27 million sale of an 11,722-square-foot portion of Pico Crossings, a retail center situated on 1.29 acres located at 9311-9333 Whittier Blvd., in Pico Rivera, Calif.

 Built in 2008, the property is 77 percent occupied and includes Starbucks, Subway, and Sherwin-Williams. Other tenants in the center that weren’t a part of the transaction include Rite Aid and Tommy’s. 

Nicholas Coo
                Nicholas Coo, Dennis Vaccaro and Ryan Tomkins with Faris Lee Investments represented the seller, Heslin Becker Properties. The buyer, who paid all cash, was CEO Huang and was represented by Jason Hong of Realty Executives.  The closing cap rate was 6.5 percent.

                “The success of this transaction was the direct result of strategic pricing which took into consideration our upward trending real estate market,” said Coo, senior managing director with Faris Lee.

 “After analyzing the property, we structured a rent guarantee with the seller that covered the vacant space’s rent for up to 12 months and secured a leasing team tasked with procuring tenant interest. This strategy allowed us to apply value to the vacant space and maximize value for the seller, via an all-cash buyer.”

Dennis  Vaccaro
Pico Crossings is located at the highly trafficked, signalized intersection of Whittier Blvd., and Durfee Ave. with nearly 50,000 vehicles per day and is less than a mile from Interstate 605.

The surrounding area features approximately 510,000 consumers and 220,000 day time employees within a five-mile radius. Home Depot and Target are within close proximity to the property.

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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