Faris Lee Completes Pair of SoCal Retail Deals
- Apr 05, 2010
April 5, 2010
By Allison Landa, News Editor
Retail-specialized investment sales and advisory team Faris Lee Investments has been busy over the past week. The Irvine, Calif.-based firm has completed two Southern California retail sales in quick succession.
The first deal, announced on March 30, involved the $5.2 million sale of the Shops at the Orchard – Stone Creek in Murrieta. The fully occupied 11,716 square-foot retail center is anchored by a Super Target and includes such shops as Starbucks, Safeway, and Verizon. The property sold for an estimated $444 per square foot and is the only retail center to sell in the Murrieta/Temecula area since 2008.
Faris senior managing director Donald MacLellan and director Chris Tramontano represented the seller, Carlmart LP of San Diego. MacLellan also represented the buyer, Los Angeles-based Westerntuf LLC.
The second deal, announced today, involved the $14 million sale of the El Super Grocery Store in Paramount. The 88,341 square-foot single-tenant property also includes El Super’s corporate headquarters. It is situated on 6.7 acres and was remodeled in 2009. The property closed in just five days.
MacLellan and Faris president Richard Walter represented the seller, LDR/DMG Paramount LLLP, from Phoenix. Mitch Conlee of Daum Commercial represented the buyer, Wolf Trust, from Los Angeles. It was a 1031 exchange for the buyer, who paid in cash.
Faris is an advisory and brokerage firm specializing in retail real estate. Its senior management team has been involved in more than $20 billion of cumulative transactions.