Wednesday, April 17, 2013

Faris Lee Investments Completes $8.5 Million Sale of Stagecoach Plaza in Santa Clarita, CA


  

Stagecoach Plaza, Santa Clarita, CA

IRVINE, CA – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $8.5 million sale of Stagecoach Plaza, a 25,475-square-foot multi-tenant retail property located at 23744-23792 Newhall Ave. in Santa Clarita, Calif.

Matt Mousavi
The property is 89 percent occupied and includes Starbucks, Subway, Wells Fargo, Panda Express and others. There is also a newly opened Dollar Tree within the center which was not a part of the transaction.

At a price per square foot of $350, this transaction is one of the highest for a multi-tenant retail center in the Santa Clarita Valley over the past five years according to CoStar.

                Matt Mousavi and Jeff Conover with Faris Lee Investments represented the seller, AMDG Alliance, LLC out of Los Angeles who was the property’s original developer. Los Angeles-based Telfair Corporation was the buyer and was represented by Voit Company. The closing cap rate was 7.2 percent.

Jeff Conover
“This is the first time Stagecoach Plaza has been sold,” said Mousavi, managing director with Faris Lee Investments.

 “Faris Lee spent several months prior to marketing the asset, advising ownership on the optimum lease-up strategy in order to maximize value on the sale.

“Dollar Tree was delayed in opening its doors due to the recession and with its recent opening, we were able to work with the seller and leasing brokers to reduce the vacancy by adding new regional tenants. Once we achieved our optimum occupancy level we began marketing the property.”

                “Faris Lee immediately garnered multiple offers from local and foreign buyers,” said Conover, senior managing director with Faris Lee Investments. 

“With a strong tenant line-up, Faris Lee was able to highlight the project as a unique multi-tenant offering in a supply-constrained market, especially for retail properties with quality tenants. 

"Furthermore, the property was offered free and clear of financing, allowing an investor to benefit from the favorable debt options available for the asset.”

                Upon the completion of the sale, Faris Lee managed the 1031 exchange upleg acquisitions for the seller and built a team internally to manage this process as well. This included financing the uplegs to cover the debt requirements of the trade.

                Stagecoach Plaza offers unobstructed street visibility and has 156,000 consumers with an average annual household income of $92,000 within a five-mile radius. The property is located on the main east/west thoroughfare within the area.

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

Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224

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