January 17, 2018
Did you know Connect Retail West is just around the corner on January 25th at the Hurley Surf Club Pacific City in Huntington Beach, CA? Here’s where to get more information and register.
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.”
For comments, questions or concerns, please contact Dennis Kaiser