Faris Lee Investments has completed the $6.6 million sale of La Plaza Pacifica, an approximately 14,900-square-foot, 95% occupied multi-tenant retail and office property in Dana Point, CA. Faris Lee’s Jeff Conover represented the Orange County-based seller, Trowbridge Vaughen Vivos Trust, as well as the local buyer, Raintree Evergreen LLC. The property sold at a cap rate of 5.5%, and a price-per-square-foot of $463.
Built in 1990, the property is located at the intersection of Golden Lantern and Pacific Coast Highway at 34052 La Plaza Drive. It is within the Downtown Plaza, which includes a mix of retail, restaurants, and an outside amphitheater used for events and concerts. Additionally, the property is within the newly revitalized Lantern District, which has several mixed-use retail and apartment projects under construction.
Conover says, “There is a high barrier to entry for coastal commercial property ownership in Southern California. La Plaza Pacifica defines legacy property for the investor.”