February 2, 2017 Comments Off on Bank-Occupied Asset Boasts Record PSF, Cap Rate Views: 221 California News, Inland Empire

Bank-Occupied Asset Boasts Record PSF, Cap Rate

Faris Lee Investments completed a $3.3 million sale of a single-tenant, triple-net leased property occupied by U.S. Bank in Hesperia, CA. The property sold at a cap rate of 4.8% and $911 per square foot, both records for a bank-occupied, single-tenant property within the Inland Empire’s High Desert region.

Built in 2007 and situated on .69 acres, the property is at 14075 Main St. It is an outparcel to the area’s dominant retail shopping center, The Shops at Topaz, anchored by 99 Cents Only.

Faris Lee Investments’ Nicholas Coo and Joseph Chichester represented the seller, Los Angeles-based Hesperia-Main Street LLC. The undisclosed Los Angeles buyer was in a 1031 exchange.

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