Irvine, CA – July 26, 2023 - To date, Faris Lee Investments has sold approximately 25 properties in the Victor Valley Area, including Victorville, Apple Valley, and Hesperia, totaling over $125 million. Alternatively, the company has achieved an outstanding milestone by selling over 37 properties in the High Desert region, amounting to an impressive $155 million.
Irvine, CA – July 26, 2023 - Faris Lee Investments, a leading retail advisory and investment sales firm, is pleased to announce the successful sale of a two-tenant property in a shopping center anchored by 99 Cents Only store & soon to open Superior Grocery store in Victorville, CA. The 27,300 square foot building, leased by Harbor Freight and Cali Beauty, was purchased for $4,250,000 at a 5.90% cap rate.
Chris DePierro, Managing Director, Jeff Conover and Don MacLellan, Managing Principals, as well as Scott DeYoung, Senior Managing Director represented the seller and sourced a Korean investor gatekeeper.
The offering presented an exceptional value with a low price per square foot and an opportunity to acquire a Harbor Freight, a national top tier tenant, and Cali Beauty on a long term leases providing stability and a favorable income stream to an investor.
The property is strategically located at the signalized intersection of La Paz Road & 7th Street and east of the 15 Freeway. The national retailers in the immediate trade area include a strong performing Costco, top tier performing store nationally, Food 4 Less, Home Depot, Winco, Rite Aid, among others.
Faris Lee Investments implemented a robust and targeted marketing strategy that produced multiple qualified offers and significantly contributed to the success of the sale. The team exceeded industry expectations by achieving a below market cap rate of 5.90%. Faris Lee Investments successfully attracted an overseas investor willing to put down 65%, proving the attractiveness of the investment opportunity.
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