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| Lathrop Crossing Retail Center, Lathrop, CA |
IRVINE, CA, Dec. 12, 2016
– Faris Lee Investments, a leading retail advisory and investment sales firm,
has completed the $5.2 million sale of Lathrop
Crossing, a 16,303-square-foot multi-tenant retail property in Lathrop,
Calif., a Central California city located south of Stockton.
Jeff Conover,
senior managing director with Faris Lee Investments, represented the seller,
San Francisco-based Lathrop Crossing, LLC. The buyer, Los Gatos, Calif.-based
Vattadi Lathrop Crossing, LLC, was represented by Prince Realty. The property
sold at a price per square foot of $319 and a cap rate of 6.25 percent.
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| Jeff Conover |
Built in 2008 and situated
on 2.48 acres, the property is located at 15320-15346 S. Harlan Road with
high-profile exposure and unobstructed visibility to Interstate 5. It is fully
occupied by six tenants including Little Caesars Pizza, Dickey’s BBQ, Subway,
and In-Shape Fitness occupying 47 percent of the total square footage.
“This property stands to
increase in future value as its location is within a region that is poised for
a significant amount of job growth over the next several years,” said Conover.
“Investors are seeking retail assets like this one that not only have strong
tenancy with longer-term leases, but are also situated in areas that show paths
of progress.”
Lathrop Crossing benefits
from its proximity to major corporate offices and distribution centers
including Tesla, Amazon, In-N-Out, John Deere, and Ghirardelli Chocolate.
For a complete copy of the company’s news release,
please contact:
Darcie Giacchetto
949.278.6224
Spaulding Thompson
Associates
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