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Faris Lee Arranges Pre-Sale of Oceanside Retail in 1031 Deal
Faris Lee Investments closed the pre-sale of a newly built Starbucks and Pacific Dental at Pacific Coast Plaza in Oceanside. The transaction closed at a sale price of $5,880,000 or $1,176 per square foot, with a cap rate of 4.99%.
Managing principals Jeff Conover and Don MacLellan and managing directors Scott DeYoung, Sr. and Chris DePierro represented the seller, an Orange County-based developer. Managing principal Shaun Riley represented the all-cash buyer from Los Angeles County, who utilized a 1031 exchange to secure the property.
“This transaction required Faris Lee Investments to act as a team project manager coordinating among construction, city, tenants and developer in order to have the needed timeline thresholds required by the buyer,“ said MacLellan.
- ◦Sale/Acquisition




