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.
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.