Asset sells for $107,000 over list price to all-cash 1031 exchange buyer
IRVINE, Calif., – May 6, 2014 – (RealEstateRama) — Faris Lee Investments, a leading retail advisory and brokerage services firm, has completed the $7.84 million sale of The Shops at Sierra Lakes, a two-building, 21,615-square-foot retail center in Fontana, Calif. The property was 94 percent occupied at the close of escrow with major tenants including Dollar Tree, 7-Eleven and others.
Jeff Conover, senior managing director with Faris Lee Investments, represented the seller, PRP Investors-Fontana LLC from Newport Beach. The buyer was Laguna Hills-based Farsai Fontana LLC and was represented by Scott Hook of Coldwell Banker Commercial. The closing cap rate was 6.45 percent and the price per square foot was a high $363.00.
“The marketing strategy was targeted toward California-based 1031 exchange buyers through FLI Exchange, Faris Lee’s proprietary 1031 investor database,” said Conover. “I secured multiple offers on the asset, which sold all-cash to a 1031 buyer at $107,000 over list price and at a very aggressive cap rate for a multi-tenant retail center within San Bernardino County.”
Built in 2009 and 2012, the property is situated on 3.95 acres at 16943 & 16975 Sierra Lakes Parkway. The center is part of Sierra Lakes Marketplace which consists of more than 880,000 square feet of retail properties including Lowes Home Improvement, Costco, Petco, Office Max, Home Depot, and LA Fitness. The Shops at Sierra Lakes is just north of the 210 freeway which sees more than 119,200 vehicles per day and also offers excellent visibility and access along the 210. Additionally, the center is located in a corridor that has been identified by the City of Fontana as a zone for economic growth and has nearly 300,000 consumers within a five-mile radius.
About Faris Lee Investments: Faris Lee Investments is a leading retail advisory and brokerage services 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.