IRVINE, Calif., June 23, 2016 – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the sales of two single-tenant, free-standing retail properties in Moreno Valley, Calif. The sales include a 16,730-square-foot building occupied by Rite Aid which sold for $5 million, as well as a 2,995-square-foot building which is ground leased by KFC which sold for $1.43 million.
“Moreno Valley is a fast-growing tertiary market that is currently underserved by retail amenities,” said Jeff Conover, senior managing director with Faris Lee Investments. “We aggressively marketed both of these well-performing, single-tenant assets to Faris Lee’s 1031 exchange buyer database and were able to secure strong pricing for the local market.”
The properties have in excess 160,000 people within a three-mile radius. Located within the Inland Empire, the City of Moreno Valley was recently ranked as one of the fastest growing cities in the nation with a population of 100,000 or more.
Following is information on each property:
Rite Aid is located at 24991 Alessandro Blvd. It was built in 1998 and is situated on 1.66 acres. Jeff Conover, with Faris Lee represented the seller, P & A Development. The buyer, Karaglanov Trust was represented by Century 21 Golden Realty. The transaction closed at a cap rate of 5.69 percent.
KFC is located at 16040 Perris Blvd. It was built in 2008 and is situated on a .73-acre site. Jeff Conover with Faris Lee represented the seller, IPX. The buyer, llDO Investments was represented by Coldwell Banker Commercial. The closing cap rate was 5 percent. The property is located within Iris Plaza which is anchored by Walgreens and Fitness 19.
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.