IRVINE, CA – Faris Lee, the nation’s largest retail-specialized investment advisory firm, has completed the $5.5 million sale of Heritage Plaza, a 14,622-square-foot retail center located in the historic Old Town District of Tustin, Calif. Built in 2005 and located at 135, 137 and 139 W. 1stStreet, the center is 92 percent occupied by a diverse mix of nine neighborhood tenants.
Jeff Conover, senior managing director with Faris Lee Investments represented the seller, San Juan Capistrano, Calif.-based Strocher Heritage Plaza, LLC. Matthew Mousavi, senior managing director with Faris Lee Investments, represented the buyer, Los Angeles-based AMDG Alliance. The closing cap rate was 6 percent and the price per square foot was $376.
“Faris Lee positioned this property as a secure and stable Orange County,” said Conover. “This was an off-market transaction as we were able to match up an ideal 1031 Exchange buyer from Faris Lee’s proprietary FLI Exchange database.”
Faris Lee worked with Barclays Bank and the buyer to secure a favorable loan with a 30 percent down payment. Faris Lee also worked with the seller on a conduit loan defeasance with Wells Fargo Bank in order to pay off the existing loan early.
“The buyer was attracted to the rare Orange County retail offering, ease of management, and the potential for creating additional cash flow through lease up of the property’s vacancy,” said Mousavi.
Heritage Plaza is situated on 1.2 acres of land and is situated in a densely populated Orange County location with more than 600,000 consumers within a five-mile radius. The property is located one-half mile from the 5 and 55 freeways.
About Faris Lee Investments
Faris Lee Investments is a leading national real estate investment advisory firm, comprised of three (3) integrated business platforms; Faris Lee Investment Banking, Faris Lee Capital and Faris Lee Advisors. 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, please visit www.farislee.com.