Faris Lee Lists Prime Triple-Net Pasadena Retail
Faris Lee Investments has listed a prime two-tenant triple-net-leased investment opportunity with below market rents in Pasadena’s Hastings Ranch trade area. Located on the highly trafficked corner of E. Foothill Boulevard and S. Michillinda Avenue, the property is 100% occupied by long-term tenants JPMorgan Chase & Co and Lakeshore Learning, both with recent five-year lease renewals.
With 16 years’ tenancy at the property, JPMorgan Chase comprises 67% of the income stream, while 26-year tenant Lakeshore Learning makes up the balance. Faris Lee’s Shaun Riley, Jeff Conover and Scott DeYoung have the listing.
There is a value-add opportunity with potential 52% income growth at market rents equating to $327,000 additional annual income, according to Faris Lee. Increasing Lakeshore Learning’s below market rent to market levels, coupled with imbedded rent increases from Chase, can achieve an expected cap rate of 6.85%.