January 17, 2018 Comments Off on Starbucks-occupied Asset Trades in Fontana Views: 2424 California News, Inland Empire

Starbucks-occupied Asset Trades in Fontana

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Faris Lee Investments completed the $3.17-million sale of a newly-developed, 2,500-square-foot retail property that is occupied by Starbucks Coffee. The single-tenant, triple net-leased asset is located within Palm Court Center at 17142 Slover Ave. in Fontana, CA. It sold at a record cap rate of 4.1%, and a price per square foot of $1,268.

Faris Lee’s Christopher DePierro and Jeff Conover represented the seller, SoCal-based Puente Hills Power Center, LLC. The buyer, New York-based Fata Organization, LLC, was represented by Faris Lee’s Matt Brooks.

DePierro says, “Newly constructed single-tenant properties in prime locations are opportunities investors seek out, however, they are difficult to find especially in Southern California. Furthermore, after a number of competitive offers, Faris Lee sourced an all-cash, 1031 exchange buyer through the company’s proprietary 1031 national database.”

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