Faris Lee Investments has completed the $5.50 million sale of a freestanding, single-tenant property occupied by Credit Union in Temecula, CA. The property sold at a record low cap rate for a Bank/Credit Union in Riverside County in 2021.
Faris Lee marketed this asset as an opportunity to purchase a front pad within the Villages at Paseo Del Sol, a dominant retail center co-anchored by Albertson’s and Home Depot. The investment provided the potential buyer with a recent 10-year lease extension and long-term tenancy. The combination of these elements was instrumental in communicating how this property would meet the investment goals of the investor. We ultimately identified a buyer looking for a passive investment who paid all-cash, and set a record-breaking low cap rate.
The pad is located at the hard corner intersection of Temecula Parkway & State Highway 79 (40,000 vehicles per day) and Meadows Parkway. The combination of Paseo del Sol’s unmatched location and tenant mix establish the property’s dominant position within the trade area. Average household income within a three-mile radius is over $127,432, and consumer spending in the same radius is nearly $1.3 Billion for 2018.