IRVINE, Calif., June 12, 2017 – Faris Lee Investments has completed the $6.6 million sale of La Plaza Pacifica, an approximately 14,900-square-foot, 95 percent occupied multi-tenant retail and office property in Dana Point, Calif.
Senior Managing Director Jeff Conover of Faris Lee Investments represented the Orange County-based seller, Trowbridge Vaughen Vivos Trust, as well as the local buyer, Raintree Evergreen LLC. The property sold at a cap rate of 5.5 percent and a price per square foot of $463.
Built in 1990, the property is located at the intersection of Golden Lantern and Pacific Coast Highway at 34052 La Plaza Drive. It is within the Downtown Plaza which includes a mix of retail, restaurants, and an outside amphitheater used for events and concerts. Additionally, the property is within the newly revitalized Lantern District which has several mixed-use retail and apartment projects under construction.
“This property is within the affluent area of Dana Point and offered the buyer the potential to occupy a portion of the office space for its business in the future as well as an irreplaceable south Orange County coastal location,” said Conover.
He added: “There is a high barrier to entry for coastal commercial property ownership in Southern California. La Plaza Pacifica defines legacy property for the investor.”
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.