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Faris Lee Arranges Pre-Sale of Multi-Tenant Retail in Chino
Faris Lee Investments arranged the $9-million pre-sale of a newly constructed, five-tenant strip center, occupying 12,470 square feet on 1.44 acres in Chino. The pre-sale represented a rare opportunity to acquire a NNN leased retail property adjacent to the newly developed master-planned residential and commercial community known as The Preserve.
Jeff Conover, managing principal, and Scott DeYoung, senior managing director at Faris Lee, represented the seller, a SoCal-based developer. Conover and DeYoung procured an all-cash 1031 exchange buyer from Orange County.
The property sold before all the tenants had opened for business. The strip center was 100% pre-leased to strong internet-resistant tenants, which included Anytime Fitness, Brandon’s Diner, Jackson Hewitt Tax Services, Dragon Grill & Workforce Enterprises. The new long-term leases with structured rental increases will provide for long-term security and stability to the investor, according to Faris Lee.
- ◦Sale/Acquisition




