IRVINE, Calif., – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $10,234,000 sale of Breeze Hill Commercial Center in Vista, Calif., an affluent city within San Diego county. The 17,855-square-foot retail center is fully occupied by eight tenants, half of which are national tenants including: Starbucks, FedEx, Jersey Mike’s, and Rubio’s, as well as other regional tenants including: Pick Up Stix, Nutrition Zone, and Ohana Hawaiian BBQ.
Rick Chichester, president and CEO, and senior managing director, Nicholas Coo, of Faris Lee Investments represented the seller, Breeze Hill Commercial Center, LLC. The Los Angeles-based 1031 exchange buyer, Gershman Properties, was represented by David Lachoff of Newmark Knight Grubb Frank. The closing cap rate was 5.30 percent.
“Faris Lee focused on highlighting the center’s quality tenant mix, stable occupancy, and dominant positioning behind the San Diego County Superior Courthouse with direct pedestrian access between the properties,” said Coo. “We utilized the Faris Lee marketing platform which emphasizes 1031 exchange requirements and is shared company-wide. After producing six qualified offers we ultimately selected a motivated 1031 investor that demonstrated strong intent to close."
Located at 620 Hacienda Drive and 251 S. Melrose Drive, Breeze Hill was built in 2001 and is situated on 2.57 acres. It is well-positioned at the area’s dominant signalized, hard corner intersection of Hacienda Drive and S. Melrose Drive and is at the on/off ramp to Highway 78. The property is located in a high income and densely populated area with more than 263,000 permanent residents, and approximately 103,000 daytime consumers within a five-mile radius.
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.