CVS BEACH GARFIELD CENTER

HUNTINGTON BEACH, CA

$15,000,000

CVS Beach Garfield

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.

CHALLENGES

  • 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

MARKETING STRATEGY

  • 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

RESULTS

  • 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