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Faris Lee Brokers $17M Sale of La Verne Shopping Center
The Faris Lee Investments duo of Shaun Riley, Managing Principal and Nick Miller, Director has represented the seller in an all-cash, $17 million transaction of the La Verne Plaza retail center in La Verne, CA. The property, shadow-anchored by Stater Brothers and In-N-Out Burger, is located on Foothill Boulevard in one of the region’s strongest retail destinations.
“Having generated 16 offers, this transaction is case-in-point that despite interest rate headwinds, investors still view ownership of well-located shopping centers as a viable long-term investment,” said Riley in a news release.
Faris Lee focused on the tenants historical occupancy as part of their marketing strategy. All major tenants had long-term leases which provided the investor with future stability. The transaction closed at a 4.3% Cap Rate on actual income and a 5.4% Cap Rate on pro forma income.
- ◦Sale/Acquisition
