IRVINE, Calif., November 8, 2021 - Faris Lee Investments has completed the $2.3 million sale of a fully entitled 0.52 Acres land pad in Pismo Beach, CA. The land is entitled for a gas station and a 2,500 square foot convenience store.
The property is located at the on/off-ramp to highway 101 (82,800 vpd) on the signalized hard corner of five cities drive & 4th street. Faris Lee marketed the asset as an opportunity to acquire a unique property in a prime location and demonstrated the value of having the entitlements completed and a shovel-ready property.
The marketing strategy targeted several multi-unit fuel station operators throughout California looking to expand central coast operations. After receiving multiple offers, the transaction closed at 100% of the list price which is aggressive for a central California land parcel, with a buyer operator of 200+ unit fuel stations looking to connect their southern & northern California operations.