CVS BEACH GARFIELD CENTER
HUNTINGTON BEACH, CA
AT A GLANCE
- Off market transaction - Faris Lee represented buyer in the purchase of a CVS anchored shopping center at corner of Beach Blvd and Garfield Ave.
Tenants include CVS, Starbucks Drive Thru, O’Reilly Auto Parts, Verison, and Bank of America.
A Successful close of escrow required Faris Lee to control and manage two simultaneous transactions.
Seller had the right to cancel the transaction
Advertised NOI was significantly less than actual NOi due to limitations on real estate tax and CAM reimbursement
Potential appraisal issues due to very few sales comparables
Identified logical buyer pool from existing Faris Lee proprietary client database
Negotiated a termination fee in which seller would pay buyer in the event seller cancelled the transaction
Sourced investor with high down payment and strong lending relationship as seller would not give buyer a financing contingency
Sourced unique Beverly Hills-based family office who would agree to sellers right to cancel
Buyer removed contingencies prior to its lender approving the loan