July 21, 2017
Before the week is out, don’t forget to register for Connect Orange County. The conference is next week on July 27th at the Balboa Bay Club in Newport Beach.
Faris Lee Investments completed the $2.48-million sale of a newly developed, 1,800-square-foot single-tenant, NNN retail property occupied by Starbucks Coffee with a drive-thru. The property is located at 20451 Alton Parkway, within the Baker Ranch Community of Lake Forest, CA.
The transaction set a cap rate record of 3.48%, which is the lowest cap rate for a Starbucks-occupied property nationally.
Faris Lee’s Patrick Toomey, Thomas Chichester, Matt Brooks and Joseph Chichester represented the seller, Irvine-based Shea Homes. The buyer, a private investor from Vietnam, was represented by Feirstein Law Firm.
Toomey says, “We secured a tremendous amount of interest and received multiple competitive offers the first week it was on the market from a wide range of small- to mid-sized domestic and foreign investors, which ultimately allowed us to close this deal above our asking price.”
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