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California  + Los Angeles  + Retail  | 

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.

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Faris Lee's Miller

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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