Irvine – April 19, 2022 - Faris Lee Investments, a leading retail advisory, and investment sales firm, has completed the $19.750 million sale of a value-add shopping center anchored by Best Buy and Fitness 19, in Temecula, CA.
Joe Chichester and Matt Brooks, Managing Directors at Faris Lee Investments represented a California-based investors, Centers Dynamic Partners and United Growth, in the transaction. The Seller, Vail Commercial Prop, was the developer and owner of the shopping center.
Located at 32881-32965 Temecula Parkway on 7.58 acres, the 70,418 square foot Center is positioned in a prime and highly visible location at the confluence of highly trafficked streets. It is located in a high-growth trade area with an affluent population.
Faris Lee Investments agents, Joe and Matt, developed an extensive acquisition, reposition and break-up/value add strategy for the Buyer, which allowed the Buyer to clearly see the vision of the Property, and then execute on the business plan.
“The Buyer, a repeat client, saw and believes in the value-add components of this center, and they provided the Seller with a high degree of certainty surrounding the closing, which created a mutually beneficial relationship and ultimately a successful transaction for both parties,” said Chichester.
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
Media Coverage: https://www.connectcre.com/stories/faris-lee-arranges-20m-sale-of-shopping-center-in-temecula/