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Faris Lee Arranges Acquisition of Long Beach Neighborhood Retail
Faris Lee Investments finalized the acquisition of Time Square Center, a neighborhood retail center in Long Beach. The sale was price was $5,400,000, reflecting a 6.58% cap rate.
Representing an Orange County-based investor in its commercial acquisition, Faris Lee director Nick Miller facilitated the purchase. The fully leased property features a diverse mix of restaurant tenants on NNN leases.
The acquisition presented several challenges, including competing against multiple offers in a debt constrained market while addressing the buyer’s financing requirements. Despite an unexpected liquidity shortage at the opening of escrow, Faris Lee identified suitable lenders to accommodate the buyer’s needs. The team negotiated due diligence extensions as well as indemnity agreements, minimizing the buyer’s risk throughout the escrow process. Acquisition financing was provided by a local credit union.
- ◦Sale/Acquisition




