IRVINE, CA – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $3,525,000 sale of a free-standing, 13,630-square-foot retail building. Built in 2001 and situated on 1.12 acres, the property is located at 40810 Winchester Road in Temecula, Calif. and is 75 percent occupied by Hallmark and Beauty One Cosmetics Supply store. The property fronts the 1.14 million-square-foot regional mall, Promenade Temecula, which is anchored by Macy’s, Sears, JC Penny, Edwards Theaters and Costco.
Jeff Conover, senior managing director, with Faris Lee Investments represented the seller in the transaction, Temecula Pad H LLC from Los Angeles. The 1031 exchange buyer was San Diego-based Aro Partners and was represented by Nick Frasco of Voit. The asset received multiple offers.
“This property sold at a square-foot price of $259 with a 25 percent vacancy, said Conover. “The investment offered two, in-place triple-net leases with tenants who have occupied the space for 10 years, and a value-add component through lease-up of the vacancy. Additionally, the seller provided a 12-month rent guaranty on the vacancy to provide security to the investor while stabilizing the asset.”
The property is situated in the heart of the City of Temecula and located near the Winchester Road exit off Interstate 15. There are more than 432,000 people within a 20-minute drive of the property and more than 52,000 daytime employees within a five-mile radius.
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.