Faris Lee Investments’ Nick Miller and Shaun Riley have represented a 1031 investor in the $19.5 million acquisition of Anaheim Resort Centre, a multi-tenant retail property located across the street from Disneyland in Anaheim, CA. The 10,000-square-foot strip center is 100% occupied by nine national and local tenants, all on a triple net-lease basis.
“Our client was heavily focused on acquiring a trophy piece of real estate that he could hold for term, during a time when quality multi-tenant opportunities were in limited supply. This location is arguably the best corner in all of Orange County,” said Miller in a news release.
Miller added, “The NNN scenario creates minimal landlord management, passive income and an ideal investment for a 1031 exchange buyer. Also, multiple tenant leases feature rental increases and long-term leases, generating steady income and hedging against inflation.”
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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