Faris Lee Secures Buyer for OC Mixed-Use Asset
- Jun 15, 2017
Faris Lee Investments has completed the sale of La Plaza Pacifica, a 14,900-square-foot mixed-use property in Dana Point, Calif. The multi-tenant office and retail asset was 95 percent occupied at the time of the sale. The $6.6 million sale price represented a 5.5 percent cap rate and $463 per square foot. Senior Managing Director Jeff Conover represented the seller, Trowbridge Vaughen Vivos Trust, as well as the local buyer, Raintree Evergreen LLC.
Entering the SoCal market
“This property is within the affluent area of Dana Point and offered the buyer the potential to occupy a portion of the office space for its business in the future, as well as an irreplaceable south Orange County coastal location,” said Conover in prepared remarks. “There is a high barrier to entry for coastal commercial property ownership in Southern California. La Plaza Pacifica defines legacy property for the investor.”
Located at 34052 La Plaza Drive at the intersection of Golden Lantern and Pacific Coast Highway, the property is 1 mile from Dana West Marina and two miles from Interstate 5. The two-story property was built in 1990 on an 18,973-square-foot lot. The asset is surrounded by retail, restaurants and an outside amphitheater at Downtown Plaza. It is part of the newly revitalized Lantern District, which has several mixed-use retail and apartment projects underway.
Image courtesy of Faris Lee Investments