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| Shops at Camarillo Town Center, Camarillo, CA |
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| Connie Kim |
IRVINE, CA – Faris Lee Investments, a leading retail
advisory and investment sales firm, has completed the $4.4 million sale of
Shops at Camarillo Town Center in Camarillo, Calif.
The
8,000-square-foot property is fully occupied by Subway, T-Mobile, Lindora
Weight Loss Center, and Eyeglass Factory. It is part of Camarillo Town Center,
a 457,128-square-foot power center anchored by The Home Depot, Target, BevMo,
Ross, Walmart Neighborhood Market, among others.
Chris DePierro, managing director, and Jeff
Conover, senior managing director, of Faris Lee Investments represented the
seller, a private investor from Orange County, Calif.
The buyer, YS
Properties, LLC was represented by Connie Kim of Coldwell Banker
Wilshire. The closing cap rate was 5.66 percent, and the price-per-square-foot
was $550 which is the highest per-square-foot price for a multi-tenant retail
property in Ventura County over the past 12 months.
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| Chris DePierro |
“Faris Lee’s strategy was to target California-based 1031
exchange buyers through our FLI exchange network,” said DePierro.
“We
positioned the asset as a secure and stable, well-located investment within the
area’s most prominent retail center, that also offered an investor a strong
cash-on-cash return.”
Built in 2002 and located at 415 W. Ventura Blvd., Shops at
Camarillo is situated at the southwest corner of the 101 Freeway and Las Posas
Blvd. It is also across from the highly successful Camarillo Premium Outlets
which includes more than 160 outlet stores, generating excellent crossover
traffic to the property.
For a complete copy
of the company’s news release, please contact:
Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224
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