IRVINE, Calif., February 18, 2015 – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $11.9 million leasehold interest sale of a 45,000-square-foot, single-tenant, NNN-leased retail property fully occupied by Dave & Busters in San Diego, Calif.
Jeff Conover, senior managing director, with Faris Lee Investments represented the seller, Los Angeles-based San Diego Food & Games, LLC. The buyer, Store Capital, a private real estate investment trust (REIT) from Scottsdale, Ariz., was represented by Patrick Luther, director, and Matthew Mousavi, senior managing director, with Faris Lee Investments.
“The buyer acquired the leasehold interest in the property which includes the building and income stream. There are six years remaining on the ground lease occupied by Dave & Busters,” said Conover. “Because of these factors, there was no bank financing available for the acquisition and we were able to deal match an all-cash, REIT buyer that understood the strength of the tenant as well as the prime San Diego location.”
Situated on 6.54 acres, the property is located at 2931 Camino Del Rio N. Dave & Busters, the leading owner and operator of high-volume venues that combine dining and entertainment throughout North America, has been at the location since it was built in 2000. It is well-located at the corner of Camino Del Rio N at the intersection of the 805 and 8 freeways near Downtown San Diego. Qualcomm Stadium, Costco, Mission Valley Mall, and Lowe’s are just a few retailers near the property. It is also within a densely populated area with more than 525,000 residents and more than 393,000 day time employees 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.