Westminster, CA - April 1, 2024 - Faris Lee Investments proudly announces the successful $3.725 Million closing of Makena Plaza, a prime 4,500 sq. ft. retail center in Orange County. Anchored by Walgreens (NAP), Makena Plaza features national tenants Subway and First Bank.
Makena Plaza is located at the intersection of Beach Boulevard and Westminster Avenue, one of the highest trafficked intersections in Orange County with a daily traffic count of 140,000 vehicles. It is adjacent to Westminster City Hall and the Superior Court of Orange County. Makena Plaza benefits from its central location amidst prominent retailers such as Costco, Home Depot, and Walmart.
Makena Plaza was marketed with one vacancy comprising approximately one-third of the leasable area. Faris Lee Investments collaborated closely with the seller and leasing agent to present a curated list of tenants to potential buyers. Additionally, they emphasized the benefits of the reciprocal parking agreement in place with the Walgreens parcel, which provided additional parking for the center. This targeted marketing approach catered to both investors and owner/users, resulting in multiple offers generated from both segments.
The efforts of Faris Lee Investments extended to securing financing, working closely with Bank of America to obtain a loan at 80% LTV. In addition, the team successfully sourced a local physician as the eventual buyer who was looking for a second location, contributing to the overall success of the transaction.
"We are pleased to have facilitated the closing of Makena Plaza," said Shaun Riley, Managing Principal at Faris Lee Investments. "Our strategic marketing approach to both investors and owner/users resulted in a successful transaction, with Makena Plaza closing at $821 per square foot."
About Faris Lee Investments:
Faris Lee Investments is a leading national retail investment firm founded in 1996 and is based in Irvine, California. The firm specializes in commercial real estate investment sales, brokerage, and advisory services. In addition, the firm provides a national marketing platform of properties for sale, asset appraisal, property valuation, debt structuring, 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 institutional 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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