Faris Lee Investments completed the $38.7-million acquisition of a 155,000-square-foot, two-tenant retail investment featuring The Home Depot and Albertsons at Lakewood Center in Lakewood. Managing principals Don MacLellan and Jeff Conover, senior managing director Scott DeYoung and director Greg Lukosky represented the seller, a consortium of multiple owners, as well as the buyer, a high-net-worth family office.
The property encompasses approximately 154,997 square feet on 14.7 acres within Lakewood Center, a dominant regional retail destination serving a densely populated trade area in Los Angeles County. Both Home Depot and Albertsons occupy their respective parcels under absolute below-market ground leases.
“Transactions of this caliber require a deep understanding of both the real estate and the investment objectives of the buyer,” said MacLellan. “Lakewood Center is an exceptional retail destination, and the opportunity to acquire two dominant national tenants in such a supply-constrained Southern California location is extremely compelling.”