Faris Lee Investments Facilitates Successful $5.4 Million Sale of Prime Oceanside Strip Pad

Oceanside, CA — December 13, 2023 — Faris Lee Investments, nation’s leading retail investment firm, is pleased to announce the successful sale of a 3-tenant strip pad located in Oceanside, CA. Don MacLellan, Managing Principal , represented the seller on the all cash $5.4 million transaction. The buyer, from Washington, procured through Faris Lee Investments, completed the purchase via a 1031 exchange.

The strip pad, is positioned within the Pacific Coast Plaza, a highly successful community center serving north San Diego County, along the heavily trafficked 78 Freeway (125,000 VPD). Anchored by major retailers such as Walmart, Best Buy, soon-to-be Nordstrom Rack, Dicks Sporting Goods, Staples, Petco, Five Below, and more, this 450,000 square foot center is the dominant center in the Tri City area.

The acquired strip pad features T-Mobile, Navy Federal Credit Union, and Bricks & Minifigs, all secured with long-term leases. Navy Federal Credit Union, with a 10% increase in 2024 and subsequent increases every 5 years throughout the option periods, adds significant value to the investment. T-Mobile and Bricks & Minifigs ensure stability with 3% annual rent increases over the course of their lease terms and options. Notably, the T-Mobile location is the result of a consolidation effort following the merger with Sprint.

Faris Lee Investments is proud to have played a key role in facilitating this transaction, assisting the buyer throughout the process and closing within the seller’s required timeline.

About Faris Lee Investments:
Faris Lee Investments is one of the leading retail investment firms in the US founded in 1996 and is based in Irvine, California. In addition, the firm provides a national marketing platform for their property offerings, property valuation, debt structuring, and negotiation, market research, and analysis services. Faris Lee combines underwriting and research that exceeds industry standards with a marketing strategy to transform investment potential, enhance value and provide their clients the competitive advantage needed when making investment decisions. The firm also serves as retail investment advisors in the areas of acquisitions and dispositions, merchant banking, distressed asset disposition, private equity, and corporate sale-leaseback. For more information, visit www.farislee.com


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