Norco, CA Faris Lee Investments is pleased to announce the successful acquisition of Norco Towne Center Shops, a shadow anchored shop space within a Stater Bros (NAP) anchored retail center located in Norco, for $4,375,000.

 

The 100% leased, five-tenant investment is anchored by Dollar Tree and offered a stabilized income stream within a necessity-based retail environment. Faris Lee represented a 1031 exchange investor based in the Inland Empire, who was seeking a highly specific investment profile.

 

Despite several challenges—including the asset being an older center with significant deferred maintenance and potential environmental considerations, as well as limited financial documentation due to self-management—Faris Lee successfully navigated a complex due diligence process. The team pre-qualified and vetted over 60 potential opportunities, ultimately identifying an asset that aligned with the investor’s narrow acquisition criteria.

 

Throughout escrow, Faris Lee worked closely with the buyer to uncover inconsistencies in property documentation, coordinate and interpret multiple third-party reports, and properly assess the asset’s condition and long-term viability. Following several rounds of negotiations, the team successfully secured credits to offset deferred maintenance and NOI shortfalls.

 

The transaction ultimately closed at a 6.74% cap rate and $288 per square foot, representing an above-market yield at an attractive basis below replacement cost. The acquisition satisfied the buyer’s 1031 exchange requirements and delivered a strong risk-adjusted return.

 

About Faris Lee Investments:

Faris Lee Investments is one of the nation’s leading retail investment advisory firms, and among the first to operate under a unified, team-oriented platform. The company combines advanced underwriting, market research, and creative marketing strategies designed to maximize client value. Faris Lee provides advisory services across dispositions, acquisitions, recapitalizations, distressed asset resolutions, portfolio sales, and corporate sale-leaseback transactions.