IRVINE, Calif., May 9, 2018 – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $2.3 million sale of a 3,600-square-foot single-tenant retail property. The new ownership will convert the space, which is currently a Japanese restaurant, for use as its dental practice.
Managing Directors Thomas Chichester and Joseph Chichester and Director Matt Brooks with Faris Lee Investments represented the seller, a local private investor. The buyer, a local dental practice, was represented by Jones Real Estate.
“We identified a strong buyer within just one week of marketing the property, and had several backup offers,” said Thomas Chichester. “Well-located, single-tenant retail properties like this one don’t come onto the market very often in the area, and this presented an ideal owner-user situation for the buyer. Owning versus renting for small businesses provides a more stable long-term outlook as opposed to renting as rental prices tend to increase over time.”
Built in 1966 and located at 1936 E. Katella Avenue, the property offers high visibility and a large monument sign. It is also near Chapman University and is adjacent to the off/on-ramp of the 55 freeway which sees more than 244,000 vehicles per day.
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.
Faris Lee is also strategic partner with X Team Retail Advisors, an integrated platform of retail real estate specialists that offers coverage in 40 major markets across the United States and Canada encompassing more than 265 professionals. X Team provides specialty expertise in tenant, property and developer/landlord representation, property dispositions and retail investments.