IRVINE, Calif., January 23, 2018 – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $4.82 million sale of Baker Ranch Center, a newly developed, four-tenant, retail center in Lake Forest, Calif. The 6,000-square-foot property is 100 percent triple-net leased to four tenants that include Tenko Sushi & Teriyaki, Ameci Pizza, Sage Nail Lounge, and Sheesh Lebanese Kitchen.
Senior Managing Director Patrick Toomey, Managing Directors Thomas Chichester and Joseph Chichester and Director Matt Brooks with Faris Lee Investments represented the seller, Shea/Baker Ranch. The buyer, Baker Ranch Investment, LLC, was represented by John Carpenter from The 949 Group. Wells Fargo Bank financed the acquisition.
“Faris Lee Investments generated multiple offers on this quality property through our proprietary marketing system implementing full cooperation with the local brokerage community as well. This effort resulted in a sale that closed as originally negotiated at 99 percent of the list price,” said Toomey. “Because of this asset’s location, quality tenancy and overall buyer demand for this product type, the sale garnered a record-breaking price per square foot of over $800 which is one of the highest price paid for similarly sized strip centers in South Orange County in the past 12 months.”
Built in late 2016 and situated on .33 acres at 20491 Alton Parkway, Baker Ranch Center is adjacent to Starbucks and Goddard Preschool and is near the on/off ramp of Toll 241 at the signalized intersection of Alton Parkway and Town Center Drive. Baker Ranch Center is within the 370-acre Shea/Baker Ranch Area project, which is a long-term residential/commercial development in Lake Forest. There are approximately 76,000 permanent residents within a three-mile radius 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.