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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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).