IRVINE, Calif. – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $13.2 million sale of The Monet at Victoria Gardens Mall, a fully occupied, 31,407-square-foot retail center located at 12455 Victoria Gardens Lane in Rancho Cucamonga, Calif. The Monet is an outparcel to Victoria Gardens, a regional mall totaling more than 1.9 million square feet. Tenants at The Monet include Destination XL, Destination Maternity, Shakey’s Pizza, Pacific Dental and others.
Jeff Conover and Matt Mousavi of Faris Lee Investments represented the buyer, Fit Development, LLC from Sacramento, as well as the seller, Monet in Rancho Development, LLC from Indianapolis. The sale garnered a high $420 per-square-foot price.
“The property never hit the market as we were able to deal-match the buyer with the seller through our FLI Exchange database,” said Jeff Conover, senior managing director with Faris Lee Investments. “We identified the buyer who was in a 1031 exchange and needed to purchase another property within its required time frame, and that matched its return threshold. The seller was seeking a compressed transaction time as well. Overall, we were able to craft a seamless transaction situation for both parties.”
Built in 2007, The Monet at Victoria Gardens Mall is situated on 2.66 acres and is located in the cultural and commercial heart of the City of Rancho Cucamonga at the on/off ramp to Foothill Blvd. and Interstate 15. Victoria Gardens Mall is home to national retailers including JCPenney, Macy’s and Bass Pro Shops Outdoor World. The property is within a very strong demographic area with approximately 950,000 consumers and more than 306,000 daytime employees within a 10-mile radius, and an average annual household income in excess of $92,000 within a one-mile radius of the property.