IRVINE, Calif., February 10, 2015 – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $4.5 million sale of a Chevron Gas Station/ Convenience Store in Laguna Hills, Calif.
Donald MacLellan, senior managing director, and Tom Chichester, director, with Faris Lee Investments represented the seller, a private investor based in Southern California. The Southern California-based buyer is the current operator and was represented by C-Store Realty. The property closed at a 4.17 percent cap rate.
“Faris Lee targeted Southern California owners and 1031 exchange buyers and highlighted the irreplaceable south Orange County location that is experiencing a strong amount of growth and redevelopment in the immediate area,” said MacLellan.
Chichester added: “The property garnered multiple offers which created a bidding process and maximized the final sale price. It sold at one of the lowest cap rates ever for a gas station.”
Built in 1973 and renovated in 2012, the property is situated on .37 acres and is located at 23991 El Toro Road at one of the busiest intersections in Orange County which sees more than 80,000 cars per day. It is within the major retail hub in South Orange County across the street from the soon to be redeveloped Laguna Hills Mall with nearby top retailers including Trader Joes, In N Out, Home Depot, Ralphs, and Nordstrom Rack.
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.