IRVINE, Calif., March 1, 2017 – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the approximately $3.54 million sale of a 3,700-square-foot, single-tenant triple-net leased property occupied by Denny’s in Riverside, Calif. Denny’s has been at this proven location for 50 years and recently renewed its lease for another 20-year term.
Jeff Conover, senior managing director, and Chris DePierro, managing director, with Faris Lee Investments, represented the seller, Orange County-based HFC/PRP Madison LLC. The all-cash buyer, Arcadia-based Yuanqi International, was represented by Sonny Lee of RE/MAX Commercial. The property sold at a cap rate of 4.66 percent and approximately $956 per square foot.
Located at 3530 Madison Street, Denny’s has been a tenant since the asset was built in 1967. The property underwent a major renovation in 2016.
“Not only was this asset newly renovated, it is part of a larger retail center redevelopment within Madison Plaza that will include 24 Hour Fitness, Starbucks and other key tenants,” said Conover. “The property offered the buyer all the elements of a stabilized investment including a prime location, long-term tenant, and soon-to-be increased crossover traffic for Denny’s as the center adds a strategic tenant mix.”
Madison Plaza is located on a major retail corridor at a hard corner intersection of Madison Street and Garden Street just off the 91 Freeway. It is also proximate to a number of national retailers including Smart N Final, Ross Dress for Less, Home Depot and the Riverside Auto Center. There are nearly 300,000 residents and in excess of 100,000 daytime employees within five miles of the 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.