IRVINE, Calif., July 17, 2017 – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $2.48 million sale of a newly developed, 1,800-square-foot single-tenant, triple net-leased retail property that is occupied by Starbucks Coffee with a drive-thru. The property is located at 20451 Alton Parkway within the Baker Ranch Community of Lake Forest, Calif.
Thomas Chichester, Matt Brooks and Joseph Chichester with Faris Lee Investments represented the seller, Irvine-based Shea Homes. The buyer, a private investor from Vietnam, was represented by Feirstein Law Firm.
The property featured some unique challenges including property tax protection, early tenant lease termination right and expense caps, however, Faris Lee was able to outperform the market by setting another cap rate record of 3.48 percent, which is the lowest cap rate for a Starbucks-occupied property nationally per CoStar.
“New construction, single-tenant trophy assets with a best-in-class tenant on a long-term lease are extremely rare in south Orange County,” said Toomey. “We secured a tremendous amount of interest and received multiple competitive offers the first week it was on the market from a wide range of small- to mid-sized domestic and foreign investors, which ultimately allowed us to close this deal above our asking price.”
The property is highly visible and well-situated at a signalized intersection of Alton Parkway and Rancho Parkway South, and offers immediate access to State Highway 241. Located within the master-planned, 370-acre Baker Ranch Community, the asset offers an irreplaceable location in an amenity rich and affluent demographic trade area.
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.