IRVINE, Calif., December 12, 2016 – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $5.2 million sale of Lathrop Crossing, a 16,303-square-foot multi-tenant retail property in Lathrop, Calif., a Central California city located south of Stockton.
Jeff Conover, senior managing director with Faris Lee Investments, represented the seller, San Francisco-based Lathrop Crossing, LLC. The buyer, Los Gatos, Calif.-based Vattadi Lathrop Crossing, LLC, was represented by Prince Realty. The property sold at a price per square foot of $319 and a cap rate of 6.25 percent.
Built in 2008 and situated on 2.48 acres, the property is located at 15320-15346 S. Harlan Road with high-profile exposure and unobstructed visibility to Interstate 5. It is fully occupied by six tenants including Little Caesars Pizza, Dickey’s BBQ, Subway, and In-Shape Fitness occupying 47 percent of the total square footage.
“This property stands to increase in future value as its location is within a region that is poised for a significant amount of job growth over the next several years,” said Conover. “Investors are seeking retail assets like this one that not only have strong tenancy with longer-term leases, but are also situated in areas that show paths of progress.”
Lathrop Crossing benefits from its proximity to major corporate offices and distribution centers including Tesla, Amazon, In-N-Out, John Deere, and Ghirardelli Chocolate.
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.