The Faris Lee Investments duo of Shaun Riley, Managing Principal and Nick Miller, Director has represented the vendor in an all-cash, $17 million transaction of the La Verne Plaza retail middle in La Verne, CA. The property, shadow-anchored by Stater Brothers and In-N-Out Burger, is situated on Foothill Boulevard in one of many area’s strongest retail locations.
“Having generated 16 presents, this transaction is case-in-point that regardless of rate of interest headwinds, traders nonetheless view possession of well-located buying facilities as a viable long-term funding,” mentioned Riley in a information launch.
Faris Lee targeted on the tenants historic occupancy as a part of their advertising and marketing technique. All main tenants had long-term leases which supplied the investor with future stability. The transaction closed at a 4.3% Cap Price on precise revenue and a 5.4% Cap Price on professional forma revenue.