June 24, 2016
Irvine, CA-based Faris Lee Investments completed the sales of two single-tenant, free-standing retail properties in Moreno Valley, CA. The transactions involve a 16,730-square-foot Rite Aid-occupied building that sold for $5 million, as well as a 2,995-square-foot building, which is ground leased by KFC, that sold for $1.43 million.
The 1.66-acre Rite Aid site is located at 24991 Alessandro Blvd. and closed at a cap rate of 5.69%. Faris Lee Investments’ Jeff Conover represented the seller, P & A Development. Century 21 Golden Realty represented the buyer, Karaglanov Trust.
The .73-acre KFC site is located at 16040 Perris Blvd. and closed at a cap rate of 5%. Conover represented the seller, IPX. Coldwell Banker Commercial represented the buyer, llDO Investments.