IRVINE, Calif., July 6, 2017 – Faris Lee Investments has completed the $7.05 million sale of The Shops at Hammer & West, a 15,314-square-foot multi-tenant retail strip center in Stockton, Calif.
Senior Managing Director Jeff Conover of Faris Lee Investments represented the Newport Beach-based seller, West Hammer Properties. The buyer, Menlo Park-based Tian He Jian Real Estate USA, Inc. was represented by Vista Pacific Realty. The property sold at a cap rate of 6.5 percent and a price per square foot of $460.
Built in 2008 and situated on 1.84 acres, the property features highly visible monument signage and is located at 7840 West Lane. It is fully occupied by seven tenants and is part of a larger development originally developed by the seller that is anchored by Walgreens and El Pollo Loco, and fronts Costco, providing for favorable crossover traffic.
“This sale is significant as it represented the last piece of a five-parcel break-up strategy for West Hammer Properties,” said Conover. “This strategy enabled the seller to realize significant value by separating out the parcels of the greater neighborhood center and selling individually over the past several years.”
Conover added: “The buyer who was in a 1031 exchange, valued the densely populated trade area; the property’s quality design and aesthetics; the triple-net lease structure that offers ease of management; and some of the Pacific Rim tenants such as Jollibee.”
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.