IRVINE, Calif., – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $4.4 million sale of Shops at Camarillo Town Center in Camarillo, Calif. The 8,000-square-foot property is fully occupied by Subway, T-Mobile, Lindora Weight Loss Center, and Eyeglass Factory. It is part of Camarillo Town Center, a 457,128-square-foot power center anchored by The Home Depot, Target, BevMo, Ross, Walmart Neighborhood Market, among others.
Chris DePierro, managing director, and Jeff Conover, senior managing director, of Faris Lee Investments represented the seller, a private investor from Orange County, Calif. The buyer, YS Properties, LLC was represented by Connie Kim of Coldwell Banker Wilshire. The closing cap rate was 5.66 percent, and the price-per-square-foot was $550 which is the highest per-square-foot price for a multi-tenant retail property in Ventura County over the past 12 months.
“Faris Lee’s strategy was to target California-based 1031 exchange buyers through our FLI exchange network,” said DePierro. “We positioned the asset as a secure and stable, well-located investment within the area’s most prominent retail center, that also offered an investor a strong cash-on-cash return.”
Built in 2002 and located at 415 W. Ventura Blvd., Shops at Camarillo is situated at the southwest corner of the 101 Freeway and Las Posas Blvd. It is also across from the highly successful Camarillo Premium Outlets which includes more than 160 outlet stores, generating excellent crossover traffic to 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.