Faris Lee Investments Successfully Orchestrates Acquisition of Time Square Center in Long Beach, CA for $5.4 Million

Long Beach, CA – May 8, 2024 – Faris Lee Investments is pleased to announce the completion of the acquisition of Time Square Center, a premier neighborhood retail center in Long Beach, California. The transaction, was valued at $5,400,000 and reflected a 6.58% capitalization rate.

Representing an Orange County-based investor in their commercial acquisition, Nick Miller, Director at Faris Lee Investment, facilitated the purchase of Time Square Center, a fully leased property featuring a diverse mix of restaurant tenants on NNN leases. Strategically located at the intersection of Clark Ave and Spring St., the center is within close proximity to the Long Beach Airport, enhancing its appeal to tenants and customers alike.

The acquisition presented several challenges, including competing against multiple offers in a debt constrained market all while addressing the buyer's financing requirements. Despite an unexpected liquidity shortage at the opening of escrow, Faris Lee investments identified suitable lenders to accommodate the Buyer’s needs. The team negotiated due diligence extensions as well as indemnity agreements minimizing the buyers risk throughout the escrow process.

Faris Lee's tailored marketing approach played an important role in the success of the transaction. Over an extensive period, the team worked closely with the first-time commercial investor, providing comprehensive vetting, education, and refining their acquisition criteria. By focusing on multi-tenant retail properties in coastal Southern California with strong fundamentals, Faris Lee secured a favorable in-place cap rate opportunity offsetting the buyer’s financing requirement to maximize return in this challenging interest rate environment.

The results of Faris Lee's efforts are evident. The transaction closed at an attractive 6.58% cap rate, equating to $458 per square foot. Acquisition financing was secured through a local credit union. The entire process, from initiation to closure, spanned just 62 days.

Faris Lee Investments remains committed to delivering exceptional results for its clients, solidifying its position as a trusted leader in commercial real estate brokerage and investment services.

About Faris Lee Investments:

Faris Lee Investments is one of the leading retail investments firms in the US and is one of the original firms specializing in retail investment sales throughout the country. Faris Lee combines underwriting and market research that exceeds industry standards with a custom strategy to maximize values for their clients’ .The firm also serves as high level investment advisors in the areas of dispositions, acquisitions & recapitalizations as well as, distressed asset disposition, portfolio sales, and corporate sale-leaseback. For more information, visit www.farislee.com

Media Coverage:
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