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| 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.
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| 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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