Irvine, CA - April 29, 2022 - Faris Lee Investments, a leading retail advisory and investment sales firm announces the $9 million pre-sale of a newly constructed 5-tenant strip center, which occupies 12,470 square feet on 1.44 acres in the city of Chino, CA. This presented a rare opportunity to acquire a NNN leased retail property adjacent to the newly developed master-planned residential and commercial community called The Preserve.
Jeff Conover, Managing Principal, and Scott DeYoung, Senior Managing Director at Faris Lee Investments represented the Seller, a SoCal-based developer, and procured an all-cash 1031 exchange Buyer from Orange County, CA in the transaction.
The property sold before all the tenants had opened for business. The strip center was 100% pre-leased to strong internet-resistant tenants, which included Anytime Fitness, Brandon’s Diner, Jackson Hewitt Tax Services, Dragon Grill & Workforce Enterprises. The new long-term leases with structured rental increases provide for long-term security and stability to the investor.
Located at the busy, signalized, hard corner intersection of Euclid Avenue and Kimball Avenue, the property is adjacent to an existing ARCO am/pm with a car wash that has one of the highest-grossing am/pm c-store sales in the nation, illustrating the demand for food and retail in the immediate trade area. The strong demographics boast a high-income trade area with $132,000 AHHI within 1-mile.
The shops at the Preserve, with their unique daily needs and service-oriented tenant mix make the location the primary retail, professional services, and entertainment destination for the surrounding neighborhood in full expansion. Upon completion of the residential, industrial, and office build-out, the daytime population within 2 miles of the property is estimated to grow to over 100,000 employees generated from 16 million square feet of industrial and office. A Walmart distribution center is within a block and another one will be built across the street. The future FedEx distribution center is to be located across the street at the Chino Airport.
Shops at The Preserve is also within close proximity to the newly constructed Chaffey College – Chino Campus, which hosts approximately 15,000+ students and is located approximately 3 miles away.
The team targeted 1031 exchange buyers looking to invest in California. After generating multiple offers, the transaction closed all cash at 98% of the list price which represented a 6.0% cap.
About Faris Lee Investments:
Faris Lee Investments is a retail brokerage advisory firm founded in 1996 and is based in Irvine, California. The firm specializes in commercial real estate investment sales, brokerage, and advisory services. In addition, the firm provides a national marketing platform of properties for sale, asset appraisal, property valuation, debt structuring, negotiation, market research, and analysis services. Faris Lee combines underwriting and research that exceeds industry standards with a marketing strategy to transform investment potential, enhance value and provide their clients the competitive advantage needed when making investment decisions. The firm also serves as institutional advisors in the areas of acquisitions and dispositions, merchant banking, distressed asset disposition, private equity, and corporate sale-leaseback. For more information, visit www.farislee.com
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