Irvine, CA – (May 5, 2021) – Faris Lee Investments arranged the $17.5M sale of a 5-acre mixed-use redevelopment site known as Brookhurst & Warner, in the heart of Orange County, CA near the Irvine Business Complex, John Wayne Airport, and South Coast Plaza. The property presented a rare opportunity to a critical mass size of 5 acres within an infill site in central Orange County. It also included various development strategies.
Rick Chichester, CEO and President, Tom Chichester, and Nick D’Argenzio, Managing Directors, at Faris Lee Investments represented the seller in the transaction.
“The pandemic forced many retailers to shut down and bowling alleys were one of them,” says Tom Chichester, “this property offered unique value for an investor looking for a redevelopment opportunity in an infill market.”
“We evaluated an array of ‘highest & best use’ development strategies including for-sale housing and multi-family in a mixed-use medium and low-density format. We also evaluated ground-up retail redevelopment, as well as repositioning of the asset with both traditional national credit and regional/creative tenants, owner-users, and others. We met with the city early on to discuss entitlement strategies. We wanted to find the best redevelopment scenario possible considering the current commercial-only zoning of the property,” said D’Argenzio.
“It was determined that new mixed-use zoning was something the city could entertain as it would help alleviate pressure for housing required by the State of California’s Regional Housing Needs Assessment (RHNA) while maintaining the site as a major commercial site. This is a trend where we’re seeing more and more opportunities in,” Nick D’Argenzio added.
At the height of the Pandemic, the Faris Lee team was able to procure over 30 offers for their client within the first two weeks of the marketing process. Faris Lee’s Redevelopment experts were able to manage the wide array of buyer profiles to maximize value and optimize deal terms for the seller.
Faris Lee’s unique relationships and marketing programs targeted and managed the most active operators /developers within each category and ultimately sought the ‘needle in the haystack” buyer. Faris Lee identified a buyer who is a well-known local developer in Fountain Valley. The transaction was complete in approximately 60 days.
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 and sophisticated financing experts 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, capital markets, and investment sales to maximize value for clients.
For more information, visit www.farislee.com