Faris Lee Investments has arranged the sale of a 40,376-square-foot, freestanding office building in Long Beach, Calif., for $15 million. The company worked on behalf of the seller, an entity of United Pacific, while CBRE represented the buyer, a family trust from Northern California. The transaction closed at a cap rate of 5.3 percent. United Pacific has also signed a 10-year lease with the new owner.
Located at 4130 Cover St., the asset occupies 2.7 acres at the intersection of Cover Street and North Lakewood, near interstates 405, 605, 710, 100 and highways 22 and 91. Additionally, the location provides access to the Long Beach Airport, Douglas Park business/industrial corridor, which is home to companies such as Boeing, Mercedes-Benz and Virgin Galactic.
“United Pacific structured the sale-leaseback to focus on its business operations versus ownership and management of the real estate,” said Rick Chichester, president & CEO of Faris Lee Investments, in prepared remarks. “Both the seller and the buyer executed their business and investment strategies with precision.”
Faris Lee Investments’ President & CEO Rick Chichester and Managing Director Thomas Chichester worked on behalf of the seller, with Bob Bower of CBRE representing the buyer.
In December, Faris Lee completed the sale of a 14,990-square-foot Colorado retail asset for more than $6 million.