IRVINE, Calif., June 6, 2017 – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $12.5 million sale of two free-standing, single-tenant net-leased buildings totaling 15,772 square feet on a 1.52-acre land parcel in Paramount, a city within Los Angeles County.
CVS/pharmacy with a drive-thru occupies 8819 Alondra Blvd. and totals 13,972 square feet. Starbucks with a drive-thru occupies 8819 Alondra Blvd. and totals 1,800 square feet. Built in 2006, the buildings include monument signage and are located at a highly visible signalized intersection.
Nicholas Coo, senior managing director, and Joseph Chichester, director, with Faris Lee Investments represented the seller, a private family office based out of Southern California. The buyer was a private, overseas, investor with an office in Arcadia, and was represented by RE/MAX Premier Properties. The cap rate of 4.68 percent is the lowest for two freestanding pads sold in Southern California in 2017.
“This type of property is hard to find in the Los Angeles area,” said Coo. “It offered newer construction in a dense infill location with two high-profile brand name tenants and no property management responsibilities.”
Chichester added: “We had a number of offers on this opportunity and sold the property to an all-cash buyer. Both of the properties have just under 10 years on their primary lease term, with limited rental growth until the option periods, however, both tenants are expected to exercise their renewal options as these stores are experiencing strong sales year-over-year.”
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.