IRVINE, Calif., March 7, 2017 – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $4.85 million sale of a 16,708-square-foot, single-tenant triple-net leased property occupied by Rite Aid in Pomona, Calif.
Jeff Conover, senior managing director with Faris Lee Investments, represented the seller, Los Angeles-based Caswell Development, LLC. The buyer, Temple City-based FC Investment, LLC, was represented by Treelane Realty. The property sold at a cap rate of 5.92 percent.
“Faris Lee generated a total of 16 offers for this asset. It offered the selected buyer intrinsic real estate value in a densely populated area of Los Angeles County. While the uncertainty of the Walgreens/Rite Aid merger continues, Rite Aid has been experiencing consistently strong sales at this location since 1998,” said Conover. “Rite Aid recently exercised its first lease extension option for four additional years.”
Located at 611 E. Holt Ave. in Pomona, the property is situated on 1.61 acres and was built in 1998. Rite Aid has occupied the property since it was developed, and in 2015 renovated it to reflect its new modern look and color schemes. The property at the signalized corner of Holt Ave. and San Antonio Ave., which sees more than 40,000 cars per day and is across the street from Cardenas and 99 Cents Only Stores. There are in excess of 198,000 people 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.