IRVINE, Calif., July 20, 2022 - Faris Lee Investments, a leading retail advisory, and investment sales firm arranges the $27.1 million sale of Santee Town Center, a 106,903 square foot, 100% occupied shopping center located in the heart of Santee’s busiest commercial area.
Sean Cox & Alex Moore, Directors, Don MacLellan, Managing Principal, and Gene Ventura, Senior Managing Director at Faris Lee Investments represented both parties in the transaction, the seller, a Los Angeles based private family office, and the buyer Brixton Capital - a highly reputable San Diego based family office.
The fully occupied property presented a unique opportunity to acquire a 100% leased community shopping center in an infill SoCal trade area. The asset is comprised of strong national tenants including Ross Dress for Less, Dollar Tree, Michaels, and is surrounded by dense residential communities, both existing and proposed. The center is adjacent to many national retailers including Costco, Walmart, Home Depot, Target, and Lowes.
Faris Lee's marketing strategy focused on the infill location of the asset, the low vacancy rate in the greater San Diego trade area, and ability to purchase an infill Community Center below replacement cost.
“Based on the quality of the real estate and the stability of the San Diego retail market, we focused on well capitalized local San Diego investors with a high certainty of close and the ability to close within seller’s desired timeframes” said Sean Cox.
“Big-box community centers have performed well through the pandemic because of retailer’s resiliency within these centers and investors ability to achieve strong relative yields” said Alex Moore.
About Faris Lee Investments: Faris Lee Investments is a national leading retail advisory and investment sales firm. The company’s high-level retail investment advisors develop forward-thinking strategies for all retail acquisitions and dispositions and guide clients through complex transactions. Through its recent strategic affiliation with X-Team Retail Advisors, a nationwide partnership of seasoned retail leasing experts, Faris Lee offers a fully integrated platform with disciplined expertise in landlord leasing, tenant representation, and investment sales to maximize value for clients.
Media Coverage: https://crenews.com/2022/07/20/san-diego-area-retail-center-sells-for-27-1mln/