IRVINE, Calif., January 31, 2018 – Faris Lee Investments has completed the $5.73 million sale of Lakeshore Village Marketplace, a value-add, 80,000-square-foot neighborhood retail center in Moreno Valley, Calif.
Faris Lee’s Senior Managing Partner Donald MacLellan and Director Joseph Chichester represented the seller, consisting of two family trusts from Los Angeles. Faris Lee’s Senior Managing Directors Gene Ventura and Jeff Conover represented the buyer, a Southern California-based investor.
Built in 1993 and situated on 10.34 acres at 23571-23581 Sunnymead Ranch Parkway, Lakeshore Village is 36 percent occupied by Subway, Bank of America and other neighborhood restaurants and retailers. Even though the center lost the grocery anchor tenant a few years ago, it has been able to maintain its overall shop space occupancy.
“Faris Lee marketed this as an opportunity for the new buyer to attract an anchor tenant that could capitalize on the local area’s demand for retail,” said MacLellan. “This property is within Sunnymead Ranch, an affluent master-planned community, and is the only neighborhood center serving it. We received several offers and selected a qualified buyer that would close in a timely manner.”
MacLellan also noted that there is potential to add future development on a two-acre portion of the property.
Convenient to the 60 freeway, Sunnymead Ranch is comprised of primarily single-family residences with over 500 planned single-family units proposed for future development. Lakeshore Village’s location is ideal for servicing the surrounding neighborhoods as the property lies directly between the two main thoroughfares of the region, Pigeon Pass Road and Heacock Street, which are both intersected by Sunnymead Ranch Parkway.
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.