IRVINE, Calif., August 12, 2022 - Faris Lee Investments has arranged the $19.5 million acquisition of Anaheim Resort Centre, a trophy multi-tenant retail investment opportunity located within the Disneyland Resort District in Anaheim, CA
Nick Miller, Director and Shaun Riley, Managing Principal at Faris Lee Investments represented the buyer in the transaction, a local Irvine based family office in a 1031 Exchange.
Anaheim Resort Centre is located on the corner of Harbor Boulevard and Katella Avenue, a truly irreplaceable location, directly across the street from the world-famous Disneyland Resort in Anaheim, CA, the most trafficked corridor in Orange County. The property, a 10,000-square-foot strip center, is 100% occupied by 9 tenants, consisting of a mix of national and local tenants all on a NNN basis, creating minimal landlord management, passive income, and an ideal investment for a 1031 exchange buyer. Also, multiple tenant leases feature rental increases and long-term leases, generating steady income and hedging against inflation.
The acquisition search parameters consisted of targeting owners of trophy real estate within Orange and Los Angeles Counties. Many of the offering submittals were off-market properties generated from existing Faris Lee client relationships.
“Our client was heavily focused on acquiring a trophy piece of real estate that he could hold for long term, during a time when quality multi-tenant opportunities were in limited supply. This location we feel is arguably the best corner in all of Orange County. Through our database and existing relationships, we were able to source this trophy off-market opportunity, which was the 4th off market opportunity we have uncovered for this client. We were pleased to source such a truly irreplaceable property for the investor which will be the foundation of their portfolio for years to come. ” said Nick Miller
“Most trophy real estate transactions are sold to all cash investors, so when financing became part of the deal, we had a number of hurdles to overcome. We contacted existing clients who own trophy real estate in some of the most iconic locations in Southern California and obtained non-published lease and sale comps for the appraiser which helped justify the exceptionally high price per sq. ft. and low Cap Rate of the transaction and led to an appraised value exceeding the sale price” said Riley.
About Faris Lee Investments: Faris Lee Investments is a retail brokerage advisory 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