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| Heritage Plaza, Old Town District, Tustin, CA |
IRVINE, CA, Sept. 10, 2013 – Faris Lee Investments, the
nation’s largest retail-specialized investment advisory firm, has completed the
$5.5 million sale of Heritage Plaza, a 14,622-square-foot retail center
located in the historic Old Town District of Tustin, Calif.
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| Jeff Conover |
Built in 2005 and located at 135, 137 and 139 W. 1st Street,
the center is 92 percent occupied by a diverse mix of nine neighborhood
tenants.
Jeff Conover,
senior managing director with Faris Lee Investments represented the seller, San
Juan Capistrano, Calif.-based Strocher Heritage Plaza, LLC.
Matthew Mousavi, senior managing director with Faris
Lee Investments, represented the buyer, Los Angeles-based AMDG Alliance. The
closing cap rate was 6 percent and the price per square foot was $376.
“Faris Lee
positioned this property as a secure and stable Orange County investment,” said
Conover. “This was an off-market transaction as we were able to match up an
ideal 1031 Exchange buyer from Faris Lee’s proprietary FLI Exchange database.”
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| Matthew Mousavi |
Faris Lee worked
with Barclays Bank and the buyer to secure a favorable loan with a 30 percent
down payment. Faris Lee also worked with the seller on a conduit loan
defeasance with Wells Fargo Bank in order to pay off the existing loan early.
“The buyer was
attracted to the rare Orange County retail offering, ease of management, and
the potential for creating additional cash flow through lease up of the
property’s vacancy,” said Mousavi.
Heritage Plaza is
situated on 1.2 acres of land and is situated in a densely populated Orange
County location with more than 600,000 consumers within a five-mile radius. The
property is located one-half mile from the 5 and 55 freeways.
For a complete
copy of the company’s news release, please contact:
Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224
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