Monday, April 25, 2011
Faris Lee Investments Completes $12.5 Million Sale of Shoppes at Puente Hills Mall in City of Industry, CA
Built in 2009 and situated on 2.52 acres, the center is an outparcel to the very successful Puente Hills Mall.
The property is 87 percent occupied and includes Panera Bread, Chipotle, The Vitamin Shoppe, Wing Stop, T-Mobile, Jamba Juice, and others.
The sale marks a significant sales record by boasting the highest price per square foot (approximately $619.60) obtained for a multi-tenant retail investment property above $5 million in Southern California since 2008 (per CoStar).
Richard Walter (middle right photo), president, and Shaun Riley, senior managing director, with Faris Lee Investments represented the seller, San Francisco-based Krausz Puente LLC.
Andrew Miliotis from Los Angeles-based AIT Realty Corp. represented the buyer, Navus LLC from Los Angeles.
Faris Lee received a total of eight offers on the property, the majority of which were Asian investors living in the local market. The sale closed at a 6.86 percent cap rate.
“The strong retail location, creditworthiness of the tenants, and pride of ownership construction attracted a heavy amount of Southern California-based investor interest in the Shoppes at Puente Hills Mall offering,” said Riley.
“There is a heavy concentration of very motivated, well-capitalized Asian investors who own commercial property in the immediate area – especially along Colima Road. Our marketing effort was heavily targeted to these potential investors.”
For more information, please visit http://www.farislee.com/
Contact: Darcie Giacchetto, 949.278.6224, Spaulding Thompson & Associates
For Faris Lee Investments