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California  + San Diego  + Retail  |  June 27, 2022
El Centro Strip Center Sells for $6M Faris Lee
Mark Nieto
By: Mark Nieto

El Centro Strip Center Sells for $6M

Faris Lee Investments has completed the $6 million sale of a Sherwin-Williams anchored retail center in El Centro, CA. The property presented a unique opportunity as accessible open land behind the center could be developed in the future.

Located on 4th Street along El Centro’s main thoroughfare, the property is surrounded by national retailers including In-N-Out, McDonald’s, Home Depot, Jack in the Box, Starbucks, 7-Eleven and Panda Express.

The Faris Lee Investments team of Matt Brooks and Joe Chichester represented the seller and sourced a buyer who was in a 1031 exchange. The duo targeted 1031 exchange buyers and created a call-for-offers campaign to drive activity in response to the seller’s loan coming due. The firm says Brooks and Chichester achieved the lowest cap rate for strip centers sold in Imperial County in 2022. 

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About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.
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