Irvine, CA – (April 15, 2021) – Faris Lee Investments arranged the $2.90M sale of a freestanding retail property in Los Feliz, a vibrant and historic suburb within the city of Los Angeles. With strong visual appeal, a private parking lot, and ample patio space, this property offered owner-operators and investors a rare opportunity to purchase an asset on Hillhurst Avenue.
Tyler Strauss, Director, and Jeff Conover, Senior Managing Director at Faris Lee Investments represented the seller in this transaction.
This property sits at the intersection of Hillhurst Avenue and Russell Avenue, and fronts a densely populated section of the Los Feliz community. Iconic Hollywood Blvd and Sunset Blvd are within minutes of the property and provide consistent traffic flow throughout the Hillhurst corridor. With the Griffith Observatory above, and downtown Los Angeles or Beverly Hills less than five miles away, this location benefits from a fantastic resident base made up of creatives, local business owners, movie stars, and business executives alike.
“The pandemic forced traditional owner-operators to evaluate their real estate needs and also highlighted the importance of properties with additional outdoor space for dining” says Tyler Strauss, “this property offered unique value for owner-operators and investors with the abundance of private, outdoor usable square footage.” The Faris Lee team was able to overcome a hesitant marketplace for vacant properties by procuring a multi-bid situation for their client, which maximized sale proceeds while challenging the area’s vacant comparable sale records at $1,316 per square foot.
Faris Lee’s marketing targeted local Los Angeles investors, owner-operators, premier restaurant brands, Southern California 1031 buyers, private investors, and brokers through the company’s proprietary database. Faris Lee identified a buyer who operates a well-known and successful Los Angeles-based restaurant group. The transaction was complete in 126 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.