Faris lee Investments, an Irvine, CA-based retail advisory and investment sales firm, has completed the all-cash, $3.75 million acquisition of a triple net lease strip center in Colton, CA. An undisclosed Inland Empire-based investor purchased the asset at a 6.35% cap rate and $239-per-square-foot.

Located at 1705 E. Washington Street and 100% occupied, the center consists of a majority of suites that are less than 1,200 square feet. According to Faris Lee, the buyer was comfortable the short-term leases could be renewed and any upcoming vacancies would be leased quickly. The property also benefits from crossover traffic in the immediate area from recognized retailers including Walmart, Stater Brothers, Rite Aid and McDonalds.

“Given the unique value-add offering, we generated 16 offers in a challenging market environment,” said Faris Lee’s Shaun Riley who represented both the buyer and seller in the deal, along with the firm’s Nick Miller. “Investors are still seeking to add well-positioned Inland Empire retail centers to their portfolio.”

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