IRVINE, Calif., – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $5.04 million sale of an 8,118-square-foot, single-tenant, NNN-leased retail property fully occupied by Citibank in Costa Mesa, Calif. Citibank has 10 years remaining on its lease.
Shaun Riley, senior managing director with Faris Lee Investments represented the 1031 exchange buyer, a Pasadena, Calif.-based Family Trust who paid all-cash for the asset. The seller, CP Sunshine, LLC from Lafayette, Calif. was represented by Equity Investment Advisors.
Located at 2700 Harbor Blvd., the property is situated on .68 acres and is adjacent to Mesa Verde Shopping Center, anchored by Vons with a number of other national tenants. The highly visible property sees a daily traffic count in excess of 51,000 cars per day and has more than 485,000 people living within a five-mile radius.
“The buyer is a long-time client who was in a 1031 exchange and had recently sold a mixed-use property,” said Riley. “Because of the constrained market, we advised the buyer to structure the down leg portion of the exchange to allow them enough time to locate a suitable property. This strategy enabled our client to close escrow months before reaching the 180-day deadline on the 1031 exchange.”
Riley noted that the property’s immediate area has seen a strong revitalization over the past several years with new development and the subsequent attraction of new tenants in the growing retail corridor.
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.