Irvine, CA: To continually evaluate opportunities for its clients, even in challenging markets, Faris Lee Investments has arranged the acquisition of three brand new multi-tenant retail pads, known as Anaheim Gateway Retail in Anaheim, CA.
The three buildings, totaling 15,356 square feet, sit less than a mile from Disneyland, California Adventure, Anaheim Convention Center, and Angel Stadium of Anaheim at the corner of Katella Avenue, one of the primary east-west thoroughfares in the trade area and the I-5. The asset, comprised of national restaurant brands, is anchored by Starbucks, Habit Burger, and California Fish Grill.
Scott DeYoung, Managing Director, and Jeff Conover, Senior Managing Director, represented the buyer, a repeat client of the firm for over 20 years. Our client was the owner of a Citibank in San Juan Capistrano, which the team sold in March of this current year. The team managed the Client’s 1031 exchange up leg into Anaheim Gateway Retail by creating a TIC structure to facilitate multiple 1031 exchanges for the Buyer. “The buyer wanted an increase in tenant diversity and yield,” said DeYoung. “We were able to provide them with an 8-tenant property, an up leg from the single tenant Citibank just sold.”
Faris Lee’s strategy focused on the intrinsic value of the real estate with brand-new buildings and the national tenants with NNN lease structure. “The Buyer had two separate 1031 exchanges and needed to create a tenant in common (TIC) structure to execute on the transaction,” said DeYoung. “Considering the complicated deal structure, we were able to close in 65 days from the execution date of the letter of intent.”
In the news: https://rebusinessonline.com/faris-lee-arranges-20-5m-purchase-of-three-multi-tenant-retail-pads-in-anaheim-california/