IRVINE, Calif., August 2, 2016 – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $6 million sale of a single-tenant, 33,350-square-foot, free-standing retail property occupied by 24 Hour Fitness in Upland, Calif.
Jeff Conover, senior managing director with Faris Lee Investments, represented the seller, Costa Mesa-based Mission Plaza Properties, Inc. The buyer was Orange-based Sunrz Holdings, Inc. The transaction closed at a cap rate of 6.73 percent and a price per square foot of $180.
“24 Hour Fitness is on a sublease with three years remaining. The seller decided it was a good time to free up capital by disposing of the asset in order to realize a significant return on investment,” said Conover. “We secured a total of nine offers and the buyer was able to acquire a quality retail asset in a densely populated area for under $200 per square foot.”
Originally built in 1976 and fully renovated in 2004, the 3.08-acre property is located at 685 W. Foothill Blvd. The property has a population of more than 383,000 residents within a five-mile radius and is located at a signalized intersection of Foothill Blvd. (Route 66) and San Antonio Ave. which sees more than 32,000 vehicles per day. It is part of a larger shopping center and is adjacent to a Ford Auto Dealership, Sprouts Farmers Supermarket, Wells Fargo Bank and others.
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.