Irvine, CA – November 11 - Faris Lee Investments arranged the sale of a net-leased CVS Pharmacy and 2-shop tenants in Duarte, Calif. The $11.95 million sale price represents a cap rate, at the time of closing, of 4.67 percent, which is the lowest cap rate for a drugstore anchored strip center in California over the past 3 years.
Managing Directors Joe Chichester and Matt Brooks represented the seller, a private family office based out of Orange County, Southern California.
Located at 2307 Huntington Drive, at a highly visible signalized intersection, directly off the interchange to Interstate 605 (231,000 vehicles per day) and 210, CVS occupies 16,497 square feet, while the shops including Children’s First Pediatric Group and Bank of America ATM total 3,000 square feet.
“All of the tenants have been at this location for 10+ years, and CVS Pharmacy executed an Option Period early to extend the term for an additional 5 years, which shows their commitment to the site and location,” stated Joe Chichester.
Matt added, “The deal closed with a local, 1031 exchange, buyer that saw the long-term value of the real estate both with the under market shop tenant rents, and the overall location of the property on over 2 acres of prime real estate.”
About Faris Lee Investments: Faris Lee Investments is a national leading retail advisory and investment sales firm. The company’s high-level retail investment advisors develop forward-thinking strategies for all retail acquisitions and dispositions and guide clients through complex transactions. Through its recent strategic affiliation with X-Team Retail Advisors, a nationwide partnership of seasoned retail leasing experts, Faris Lee offers a fully integrated platform with disciplined expertise in landlord leasing, tenant representation, and investment sales to maximize value for clients.