IRVINE, Calif., June 7, 2017 – Faris Lee Investments, has completed the $9.2 million sale of Cornwell Business Center, a two-building flex industrial property totaling 49,569 square feet in Oceanside, Calif.
Senior Managing Director Jeff Conover, and Director Scott DeYoung of Faris Lee Investments represented the seller, Phoenix-based Oceanside Equities, LLC. The buyer, San Diego-based Oceanside Avenida Del Oro, LLC was represented by Marcus & Millichap.
“This property is located in a dense, in-fill area with opportunity to add value by bringing rents to market rates as they expire,” said Conover. “We received significant investor interest in this asset and identified a local 1031 exchange buyer as the best offer.”
Built in 2000 and situated on 5.71 acres of land at 1945 and 1949 Avenida Del Oro, Cornwell Business Center consists of two, single-story buildings and includes 165 parking stalls. The asset is 95 percent occupied by eight tenants, the largest being State of California, which occupies 50 percent of the property. It is located in the master-planned community of Rancho Del Oro and is surrounded by Rancho Del Oro Business Park, a 5.5 million square foot industrial and office park, Plaza Rancho Del Oro shopping center, and Rancho Del Oro Gateway shopping center. It is also near the 5 Freeway and Highways 76 and 78.
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.