IRVINE, Calif., December 11, 2015 – Faris Lee Investments, a leading national retail advisory and investment sales firm, has completed the $9.8 million sale of The Shops at Bear Valley in Victorville, Calif. The four-building, 95 percent occupied neighborhood shopping center totals 32,023 square feet and is situated on 5.81 acres. Tenants include McDonald’s, Fitness 19, Schools First Credit Union, KinderCare, and others. The property is also anchored by Walgreens which was not a part of the sale.
Shaun Riley, senior managing director with Faris Lee Investments, represented the buyer, a Beverly Hills-based investment company, as well as the seller, Santa Barbara-based Invest West Financial Corporation who developed the property in 2008.
Per CoStar records, this transaction represents the highest purchase price paid for a retail investment sale transaction in the High Desert communities of Victorville, Apple Valley, Hesperia, and Adelanto since 2011. The closing cap rate was 5.63 percent and the price per square foot was $306.
“The property offered the buyer stable occupancy with several high-profile credit brands and included three undeveloped land pads which provided future upside upon buildout or selling off the land pads separately to owner/users,” said Riley.
Riley added: “Though this shopping center had stable occupancy, our marketing was very targeted and was geared toward identifying an investor who would place value on the undeveloped land pads. The current cash flow allows the investor to be strategic when developing the pads and enhances the return on investment while the business plan for the developing them is underway.”
Situated at 13605 to 13631 Bear Valley Road, The Shops at Bear Valley is well-located along one of the area’s most heavily trafficked corridors. The asset benefits from being approximately one-half mile from the 544,500-square-foot Mall of Victorville Valley anchored by Barnes and Noble, CinMark, Dick’s Sporting Goods, JCPenney, and Macy’s. Additional nearby national tenants Lowes, Kohl’s, Best Buy, Albertsons, CVS and Walgreens.
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.