IRVINE, Calif., January 18, 2018 – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $15 million sale of CVS Beach Garfield Center, a 31,140-square-foot neighborhood retail property anchored by CVS/pharmacy on Beach Blvd. in Huntington Beach, Calif. The sale was an off-market transaction.
Senior Managing Director Shaun Riley of Faris Lee Investments represented the buyer, 209 N Brand Blvd. LP from Beverly Hills. The seller, Palos Verdes-based Sampont Properties, LLC, was represented by Triwell Properties.
“This is a true trophy investment – properties like these rarely trade,” said Riley. “This asset is within one of the most desirable coastal markets in Southern California and the exposure to Beach Boulevard at the intersection of Garfield Avenue creates an absolute irreplaceable location.”
CVS Beach Garfield Center is located at 18872 to 18922 Beach Boulevard. It is fully occupied and includes a free-standing CVS/Pharmacy with drive thru, Starbucks, O’Reilly Auto Parts, Verizon and Bank of America, among others. The high quality center is located on Beach Boulevard, one of the most travelled thoroughfares in Orange County. The property is approximately three miles from the Huntington Beach Pier and Pacific Coast Highway.
Riley noted that the complex transaction involved a high level a teamwork between the seller, Triwell Properties, and Faris Lee Investments. “The seller was looking to acquire a property Faris Lee was marketing, though the transaction was subject to the sale of the CVS Beach Garfield Center. Through an existing client relationship, Faris Lee sourced a buyer for the CVS Beach Garfield Center that provided a high level of certainty of closing and that was able to work with seller’s timing and some unusual provisions in the purchase agreement which would be deal killers for most every other buyer. Concurrent escrows were opened on both properties resulting in the sale of the CVS Beach Garfield Center and the subsequent closing of the other Faris Lee listed property.”
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.