Irvine, CA – March 30, 2022 - Faris Lee Investments, a leading retail advisory, and investment sales firm, has completed the $37.45 million sale of Turlock Town Center, in Turlock, CA. The transaction presented an opportunity to acquire a dominant, redeveloped grocery drug anchored community center with new long-term leases in the Central California trade area.
Don MacLellan, Managing Principal at Faris Lee Investments represented the seller in the transaction, a California-based developer, and procured a buyer in a 1031 exchange looking to close quickly.
At the time of the sale, the center was fully leased and comprised of 29 in line tenants and five pad buildings. The main anchors include Smart & Final Extra with a new 15-year lease, Rite Aid, dd’s Discount, Big 5 Sporting Goods, and Goodwill. The center offers a synergistic mix of strong daily needs tenants including a supermarket, drug store, restaurants, dental office, and personal services.
Located at 503-795 N. Golden State Boulevard, on 8.37 acres, the 144,364 square foot Turlock Town Center is positioned in a prime and visible location at the confluence of highly trafficked streets.
Faris Lee Investments highlighted the intrinsic value of the real estate and the strength of the tenant mix. Based on the positioning of the property, Faris Lee targeted 1031 exchange investors able to close within the seller’s needs timeframes.
“We procured a large 1031 exchange buyer interested in acquiring assets in the Central Valley and ready to close in the allotted timeframe,” said MacLellan.
The transaction closed at contract price within 30 days of signing the purchase and sale agreement.
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://rebusinessonline.com/faris-lee-investments-negotiates-37-4m-sale-of-turlock-town-center-in-california/