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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.
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| 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.
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| 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
