IRVINE, Calif., March 18, 2015 – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $4.8 million sale of a 7,508-square-foot, single-tenant, NNN-leased retail property fully occupied by Citibank in Riverside, Calif. Citibank has nine years remaining on its lease.
Shaun Riley, senior managing director with Faris Lee Investments represented the buyer, a Newport Beach, Calif.-based Family Trust. The seller, CP Sunshine, LLC from Lafayette, Calif. was represented by Equity Investment Advisors. The closing cap rate was 4.44 percent.
Located at 3580 Tyler St., the asset is well-located directly across the street from the Galleria at Tyler, the area’s most successful regional mall that is anchored by Nordstrom and Macy’s. Additionally, the site is an outparcel pad to a Target and on the drive to work side of the street as commuters approach the 91 Freeway.
“Faris Lee sourced this off-market opportunity through its strong relationships within the brokerage community,” said Riley. “We identified only the strongest locations for our client and recommended pursuing the Riverside Citibank because of its prime retail location. The critical mass of proven retail and the freeway-adjacent location provide the property with a very strong intrinsic value and future upside potential which were key factors in purchasing 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.