Faris Lee Closes Deal for Oceanside Strip Pad

Faris Lee Investments closed the sale of a three-tenant strip pad located in Oceanside. Managing principal Don MacLellan represented the seller on the all cash $5.4-million transaction. The buyer, from Washington State, was procured through Faris Lee and completed the purchase via a 1031 exchange.

The strip pad is positioned within the Pacific Coast Plaza, a community center serving north San Diego County, along the heavily trafficked 78 Freeway. The 450,000-square–foot center is anchored by major retailers such as Walmart, Best Buy, a soon-to-be Nordstrom Rack, Dicks Sporting Goods, Staples, Petco and Five Below.

The acquired strip pad features T-Mobile, Navy Federal Credit Union, and Bricks & Minifigs, all secured with long-term leases. Navy Federal Credit Union, with a 10% increase in 2024 and subsequent increases every five years throughout the option periods, adds significant value to the investment. T-Mobile and Bricks & Minifigs ensure stability with 3% annual rent increases over the course of their lease terms and options. Notably, the T-Mobile location is the result of a consolidation effort following the merger with Sprint.