IRVINE, Calif., March 20, 2015 – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the sale of a single-tenant NNN-leased property occupied by O’Reilly Auto Parts (NASDAQ:ORLY). This sale was the final piece sold by the seller, PCG BP Puente, LLC, a single purpose LLC controlled by Paragon Commercial Group, LLC and its investment partners, who previously sold the adjacent parking lot parcel to Kindred Healthcare. The property is located at 1516 Puente Ave. at the intersection of Francisquito Ave. and Puente Ave., with traffic counts in excess of 53,000 vehicles per day and contiguous to a freestanding prototypical CVS Drugstore (NYSE: CVS).
The sale took place shortly after construction was completed by O’Reilly, which totals 7,135 square feet on .65 acres. The project was a reverse build-to-suit for the tenant which signed a 15-year lease. Donald MacLellan and Chris Tramontano of Faris Lee Investments represented El Segundo, Calif.-based PCG BP Puente, LLC. The buyer, Hill Family Trust, was represented by Dan Willis of Willis Ventures. The sale price was $2.71 million and the closing cap rate was 4.7 percent.
“Paragon Commercial Group, LLC and its partners purchased the entire parcel of land and immediately subdivided it,” noted MacLellan. “One parcel was leased to O’Reilly and the other was leased to the adjacent hospital. Both parcels were sold as single tenant investments. Faris Lee had several full-price offers on the O’Reilly property and escrow closed in just 25 days at an aggressive cap rate.”
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.
About Paragon Commercial Group: Founded by Mark Harrigian, Erwin Bucy and Jim Dillavou, Paragon Commercial Group opportunistically invests in value-add and tenant-driven retail development and redevelopment opportunities, with a focus on underutilized assets in infill and high-barrier to entry markets. With over 55 years of collective retail experience and a retail resume in excess of 10 million square feet of neighborhood and community centers on the West Coast, Paragon’s deep market knowledge and extensive tenant relationships provide a constant grass roots pipeline of retail investment opportunities. For more information, visit www.ParagonCommercialGroup.Com.