IRVINE, Calif., June 10, 2016 – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $4.6 million sale of a freestanding, single-tenant property occupied by KinderCare Learning Centers in Victorville, Calif. The property sold at cap rate of 5.87 percent – a record low for a full-service childcare/daycare facility in all of Southern California per CoStar records.
Shaun Riley, senior managing director with Faris Lee Investments, represented the seller, OPT Bear Valley VV LLC from Beverly Hills. The buyer, Giavictor Investment LLC from Newport Beach, was represented by Diana Kaplan of ReMax FH Commercial.
“Faris Lee marketed this asset as an opportunity to own a freestanding property with a best-in-class operator, and provided potential buyers with a detailed competition map, site tours, and a tour of the trade area,” said Riley. “The combination of these elements were instrumental in communicating how this property would meet the long-term investment goals of the investor. We ultimately identified a buyer who paid a strong price of more than $515 per square foot and set a record breaking low cap rate.”
Built in 2008 and located at 13615 Bear Valley Road, the 8,930-square-foot property sits on 1.15 acres. The property is within a shopping center with retailers that include Walgreens, McDonald’s, and Fitness 19, and it is situated less than one-mile from Mall of Victor Valley and retail power center, Dunia Plaza. KinderCare has been a tenant at the property since it was developed and is the only national child care provider west of Interstate 15 in Victorville.
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.