June 13, 2016
Irvine, CA-based Faris Lee Investments completed a $4.6-million sale of a 1.15-acre freestanding, single-tenant asset occupied by KinderCare Learning Centers in Victorville, CA. The 8,930-square-foot property was built in 2008 and sold at cap rate of 5.87%, a record low for a full-service childcare/daycare facility in all of Southern California, per CoStar records.
Faris Lee Investments’ Shaun Riley represented the seller, Beverly Hills, CA-based OPT Bear Valley VV LLC. ReMax FH Commercial’s Diana Kaplan represented the buyer, Newport Beach, CA-based Giavictor Investment LLC.
Riley says, “We ultimately identified a buyer who paid a strong price of more than $515 per square foot and set a record breaking low cap rate.”