Faris Lee Investments Completes $10.75 Million Sale of Retail Center in Walnut, California
IRVINE, Calif., June 21, 2018 – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $10.75 million sale of Walnut Town & Country, a 22,322-square-foot multi-tenant retail center in Walnut, Calif. The center is 95 percent occupied and includes Jack in the Box, Subway, Wing Stop, Lollicup and Mathnasium.
Senior Managing Director Shaun Riley of Faris Lee Investments represented the seller, an Oregon-based family trust, as well as the buyer, a Northern California-based family trust. Per CoStar records, at a 5.3 percent cap rate, this transaction closed with the lowest cap rate achieved for a San Gabriel Valley multi-tenant center over $10 million since 2014.
“This was the first time Walnut Town & Country has sold in 20 years,” said Riley. “This well-maintained property was attractive to prospective buyers as it is in a very strategic San Gabriel Valley location across the street from Mt. San Antonio College and serves an affluent trade area. It is also in a location that is under-served from a shopping center perspective. We had eight offers submitted and ultimately selected an all-cash 1031 exchange investor.”
Built in 1988 and situated on 1.27 acres at 1205-1243 North Grand Ave., the property is located at the signalized intersection of Amar Rd. and Grand Ave. which sees more than 67,000 vehicles per day. The property is not only across the street from Mt. SAC, it is also near Cal Poly Pomona which combined has in excess of 61,000 college students. Other area retailers which contribute to a strong customer draw to the local area and Walnut Town & Country include Stater Bros, Kohl’s, Bed Bath & Beyond, Michael’s, and CVS, among others.
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.