IRVINE, Calif., – October 19, 2022 - Faris Lee Investments, a leading retail advisory, and investment sales firm, has completed the $10.502 million sale of a two-pad buildings in San Jacinto, CA.
Jeff Conover, Managing Principal, and Scott DeYoung, Senior Managing Director at Faris Lee Investments represented the seller in the transaction and procured a Northern California-based buyer in a 1031 exchange. Keegan & Coppin represented the buyer.
Located at 1821-1871 S. San Jacinto Avenue, on a major retail hub, the 14,883 square foot property is comprised of two separate multi-tenant pad buildings which include both national tenants (Game Stop, Great Clips, Wing Stop, T-Mobile and Bank of America ATM) and mom & pop local tenants. The subject property is positioned within the Mt. San Jacinto shopping center, anchored by a 270,000 SF Walmart Supercenter. Other national co-tenants within the center and not-a-part of the offering are Walgreens, Wendy’s & El Pollo Loco.
“The 2 separate parcels provided ownership flexibility to, in the future, keep both pads or sell one-off,” said Conover. “In addition, most tenants were on long-term triple leases, providing the investor ease of management despite the one vacancy representing 21% of the total square footage of the property.”
The listing team positioned the asset as a secure & stable investment. They highlighted the 12-month-rent guaranty of the vacant unit at the close of escrow to provide insurance & income to the new buyer. Faris Lee targeted California 1031 exchange buyers and closed at 99% of the list price with a 6.07% cap rate which represented a price per square foot of $706. Financing was secured through California Bank of Commerce.
About Faris Lee Investments:
Faris Lee Investments is a retail brokerage advisory firm founded in 1996 and is based in Irvine, California. The firm specializes in commercial real estate investment sales, brokerage, and advisory services. In addition, the firm provides a national marketing platform of properties for sale, asset appraisal, property valuation, debt structuring, negotiation, market research, and analysis services. Faris Lee combines underwriting and research that exceeds industry standards with a marketing strategy to transform investment potential, enhance value and provide their clients the competitive advantage needed when making investment decisions. The firm also serves as institutional advisors in the areas of acquisitions and dispositions, merchant banking, distressed asset disposition, private equity, and corporate sale-leaseback. For more information, visit www.farislee.com