IRVINE, Calif., April 14, 2017 – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $1.42 million sale of a 2,550-square-foot, multi-tenant property in La Jolla, Calif.
Tom Chichester, managing director with Faris Lee Investments, represented the buyer, a private investor from Santa Monica. Clark Realty Advisors represented the seller, a private investor from San Diego.
Built in 1955 and renovated in 2011, the property is located at 7520 to 7524 La Jolla Boulevard near Pearl Street. The asset is 33 percent occupied by one tenant: Twin Dragons karate studio.
“For over a year I have been working with my client to identify an ideal retail property with strong value-add potential,” said Chichester. “The buyer liked this asset because of its irreplaceable coastal location in La Jolla just one block from the ocean. He plans on making cosmetic enhancements to the property, giving it more of a modern coastal look, and then filling the vacancy with tenants that will be a good fit with the surrounding community.”
About Faris Lee Investments: Faris Lee Investments is a leading retail advisory and investment sales firm. The company’s high-level retail investment advisors and sophisticated financing experts develop forward-thinking strategies for all retail acquisitions and dispositions and guide clients through complex transactions. Cumulatively, Faris Lee’s leadership has been involved in more than $20 billion of transactions. Faris Lee’s senior advisors are skilled in disposition and acquisition strategies, asset positioning and valuation, marketing, debt and equity structuring, strategic workout and REO solutions and execution. For more information, visit www.farislee.com.