Irvine – July 18, 2022 - Faris Lee Investments, a leading retail advisory, and investment sales firm, has completed the $5.75 million sale of a Sherwin-Williams Anchored Strip Center in El Centro, CA.
Matt Brooks and Joe Chichester, Managing Directors at Faris Lee Investments represented the seller, a family office from Los Angeles, in the transaction and sourced a buyer who was in a 1031 exchange.
The property presented a unique opportunity to acquire a well-located, fee simple, strip center anchored by an investment grade tenant with additional upside from accessible land behind the property for future development.
Located at 1950 South 4th Street, along El Centro’s main thoroughfare, the property is surrounded by national retailers including In-N-Out, McDonald’s, Home Depot, Jack in the Box, Starbucks, 7-Eleven, and Panda Express.
Faris Lee Investments agents, Matt and Joe, targeted 1031 exchange buyers and created a call for offers campaign to drive activity in response to the seller’s loan coming due. The call for offers generated strong activity as well as the offer that resulted in the ultimate buyer of the property.
The team achieved the lowest cap rate for strip centers sold in Imperial County in 2022. Due to an organized and streamlined due diligence process, the buyer and buyer’s lender were able to close before the targeted due date.
“The seller selected our team based on our track record of selling similar strip centers throughout Southern California. We were able to achieve the client’s goal of selling the asset prior to the property’s loan maturity by creating a coordinated and aggressive marketing campaign resulting in a mutually beneficial and successful transaction for both seller and buyer,” said Brooks
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