COSTA MESA, Calif., October 22, 2018 – Faris Lee Investments, a leading retail advisory, and investment sales firm, completed a $1.5 million all-cash transaction of a 5,228-square-foot multi-tenant industrial property located within Mesa West Bluffs Urban Redevelopment Plan.
Managing Directors Thomas Chichester and Joseph Chichester and Director Matt Brooks with Faris Lee Investments represented the buyer, a local private investor. The team facilitated the transaction process from due diligence to closing. The seller was represented by Lee & Associates.
“We tracked Southern California industrial sales for over a year before locating this specific property for our client,” said Thomas Chichester. “Well-located, multi-tenant industrial properties like this one don’t come onto the market very often. The Southern California industrial market is extremely competitive. To stand out from the sea of offers, our client had to present an all-cash offer $10,000 over the asking price and a 10-day close of escrow which ensured our client to win the deal.”
Built in 1961 and located at 789 W. 20th Street, Costa Mesa, CA, the property offers a unique opportunity with easy access to the off/on-ramp of the 55 freeway which sees more than 244,000 vehicles per day.
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.
Faris Lee is also strategic partner with X Team Retail Advisors, an integrated platform of retail real estate specialists that offers coverage in 40 major markets across the United States and Canada encompassing more than 265 professionals. X Team provides specialty expertise in tenant, property and developer/landlord representation, property dispositions and retail investments.
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Faris Lee Investments Negotiates $1.5M Acquisition of Industrial Property in Costa Mesa