Faris Lee Investments Completes $3.7 Million Sale of Retail Property in Stockton, CA

Jeff Conover

IRVINE, CA – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $3.7 million sale of the Hammer & West Pad building, a 7,294-square-foot multi-tenant retail property located in the central California city of Stockton.

 The property’s tenants include Western Dental, AT&T and Pizza Hut. The property is part of a larger retail center that is anchored by Walgreens.

Jeff Conover, senior managing director with Faris Lee Investments, represented the seller, Orange County-based West Hammer Properties.

The buyer, a private investor from Hillsborough, Calif., was also represented by Conover, along with Mirna Gonzales of residential brokerage firm, Green Banker. The closing cap rate was 6.57 percent.

Built in 2008 and situated on 1.32 acres, the property is located at 7860 West Lane which sees more than 60,900 vehicles per day at the intersection of East Hammer Lane and West Lane. All tenants are on triple net leases, offering ease of ownership.

Mirna Gonzales

“Faris Lee targeted our FLI Exchange buyer database and focused on 1031 exchange buyers who had recently sold property in California. We received multiple offers on the asset and secured a 1031 buyer from California,” stated Conover.

 “During escrow, Krispy Kreme with a drive-thru was in the process of vacating its 1,626-square-foot space which comprised 18 percent of the income stream.”

Conover noted that despite the occupancy being reduced, the property sold for $507 per square foot, a strong price for the local area. “The buyer saw the value of the asset as well as the opportunity to add value by leasing the vacant drive-thru space to a national tenant at an above market rental rate.”

Stockton is the fourth largest city in the Central Valley with a population of approximately 300,000. The city is on Interstate 5, State Highway 99, and State Highway 4 and is California’s 13th largest city. It is located between Sacramento and Modesto, less than 30 minutes from the Bay Area.

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

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

Professional Community Association Managers Are Champions for HOA Success

Karen Conlon

LAGUNA HILLS, CA – California Association of Community Managers (CACM), the state’s leading community association management education organization, today launched the second phase of its Community Champions awareness campaign.

Part of a statewide program, the Community Champions campaign is focused on raising awareness about the importance of CACM’s California-specific Certified Community Association Manager (CCAM®) designation and educating homeowners about the valuable role community association managers have in overseeing the nearly 50,000 common interest developments (CIDs) or homeowners associations (HOAs) in California.

“More than 14.3 million people, about 38 percent of the state’s population, live in an HOA-managed community, many of which are run by professionally trained community association managers,” said Karen Conlon, president and CEO of CACM.

“These professionals act as champions and have tremendous responsibilities for the residents they serve.

“ They guide volunteer HOA boards through complicated issues like finances, state legislation and dispute resolution, and they oversee all aspects of property maintenance.

“They have a huge impact on the lives of thousands of Californians and it’s time they are recognized for the important role they play.”

At the heart of the Community Champions campaign are testimonials and stories of exemplary community association managers from across the state.

 HOA residents and board members are encouraged to share stories about their community manager champions at  for a chance to win a $500 gift card. 

Based in Laguna Hills, Calif., CACM is the only community association management organization in the nation to offer a California-specific educational program leading to the designation of Certified Community Association Manager (CCAM®) for industry professionals.

CACM empowers a network of nearly 3,000 members to achieve excellence in the industry and enrich communities throughout California. For more information on CACM, please visit www.cacm.org.

To find out more about community association management and the responsibilities of HOA board members, or to share a story about your community manager champion, visit
www.MyCommunityChampion.com

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

Darcie Giacchetto

Frank Wilson & Associates

949.278.6224

Thomas D. Wood and Company’s Orlando, FL Office Secures $23.7 Million in Commercial Mortgage Transactions

 

Mary Hurley

Orlando, FL – The Orlando Office of Thomas D. Wood Company, a Strategic Alliance Mortgage LLC member, secured $23,700,000 in commercial mortgage transactions for properties throughout the state of Florida.  

Interest rates continue to stay as low as 3.5%, contributing to the increase in successful closings.

 Senior Vice President Mary Hurley, CCIM, obtained bridge financing in the amount of $5,000,000 for the refinance of Kelly Park Crossing, 95 acres of land located in Apopka, Florida.  

The borrower needed short-term funds to complete the pre-development phase until the take-out by a national community developer.

 Vice President Jeff Schnupp secured financing for the Financial Center Winter Park in the amount of $2,900,000 through Thomas D. Wood and Company’s correspondent relationship with Symetra Life Insurance Company.  

Jeff Schnupp

The owner did a complete renovation to the building, and he wanted to refinance his current mortgage to recoup some of the equity for another project, and secure a permanent loan with a low interest rate.  

The 32,400 square-foot multi-tenant office building is home to Wells Fargo and is located in Winter Park, Florida.

 The Orlando office also secured $15,800,000 in financing for a mixed-use office and retail building in Orlando through a regional bank.

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

Jessica Kinnee, Director Marketing & Public Relations, 407 374 0251,  jessica@tdwood.com