IRVINE, Calif., September 8, 2016 – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the record-breaking $13.69 million sale of a retail property in Irvine, Calif. The property consists of two, single-tenant freestanding restaurant buildings that are NNN-leased to Mimi’s Café and Islands. The sale marks the highest price per square foot of $1,088 and lowest cap rate of 3.56 percent over the past five years for a multi-tenant retail property sold in excess of $10 million in Orange County according to CoStar records.
Jeff Conover, senior managing director with Faris Lee Investments, represented the seller, Irvine-based VR Irvine Pad, LLC. The buyer, Wesco Properties, Inc. was represented by Tony Dorn of Beitler Commercial Realty Services.
“We believed the window of opportunity was now to dispose of this asset as the two restaurant tenants are nearing the end of their lease terms and the seller wanted to take advantage of peak Orange County market pricing,” said Conover. “The buyer who was in a 1031 exchange and has holdings in Canada, Asia and the U.S., saw this is an opportunity to own prime Irvine real estate that offered future re-development potential.”
Conover added: “This asset is one of the few Irvine-area trophy retail properties that is not owned by the Irvine Company, which made this opportunity even more attractive. Due to its location, quality and rarity, we received a number of strong offers.”
Situated on a 2.59-acre parcel of land at 4020 and 4030 Barranca Parkway, the property is well-located between the 405 and 5 freeways. It is across the street from retail centers featuring Target, LA Fitness, Albertsons, and Regal Cinemas.
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.