Anaheim, CA – November 20, 2023 – Faris Lee Investments, a leading retail advisory and investment sales firm, is pleased to announce the successful closing of Single Tenant Net Leased Solita Restaurant, a prominent property and new restaurant located in the platinum triangle of Anaheim, California. The property was acquired by a 1031 investor for a closing price of $7,625,000 at $1,116 psf.
Scott DeYoung, Senior Managing Director, Jeff Conover, Managing Principal, and Greg Lukosky, Director at Faris Lee Investments represented the Seller, Orange County-based real estate developer and investor Burnham-Ward Properties, CA and the Buyer who was in a 1031 exchange.
Situated in the highly desirable Platinum Triangle location within the heart of Orange County's largest entertainment hubs, Solita Restaurant represents a legacy and trophy asset that has a virtually irreplaceable location adjacent to Angel Stadium, the 55 Freeway and Katella Avenue. The property's strategic location ensures its enduring value in the Orange County real estate market.
Solita opened the Anaheim location in November 2022 and is operated and guaranteed by the nationally recognized parent company, Xperience Restaurant Group which owns many U.S. Mexican dining concepts including El Torito, Chevys and SOL. This prime asset boasts a long-term absolute triple net lease with a growing income stream through rental increases making it an attractive investment opportunity.
Despite facing several challenges in an extremely challenging debt market with rising interest rates during the marketing period, Faris Lee Investments secured a successful transaction. The team strategically focused on California 1031 exchange buyers with little to no debt requirements and actively targeted the local Southern California investment community.
The results speak to Faris Lee Investments' expertise in the real estate market. They successfully procured a 1031 exchange buyer and navigated through lender issues to facilitate the closing of the transaction.
"We are thrilled to have successfully closed the Solita real estate sale despite the challenges posed by the rising interest rate environment and inflationary market conditions," said Scott DeYoung. "This deal underscores our commitment to delivering results for our clients and our ability to navigate complex transactions in the ever-evolving real estate landscape."
About Faris Lee Investments:
Faris Lee Investments is a leading national retail investment 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
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