Irvine-Based Faris Lee Brokers $25M Modesto Retail Sale
Alexander Moore, Sean Cox and Don MacLellan of Faris Lee Investments represented the buyer, a Central Valley-based private family office, in the $25 million purchase of the Promenade Shopping Center in Modesto, CA. The 118,000-square-foot, 100% occupied property was sold by an ownership group managed by West Valley Properties, Inc.
“We’ve seen continued strong investor demand for strategically located community centers throughout the Central Valley,” said Moore in a news release. “This marks Faris Lee’s fourth sale of a +$25 million Central Valley shopping center over the past 14 months.”
The property, located at 3501 McHenry Ave., sits at the second highest trafficked intersection in Modesto, and is home to major national tenants including Ross, Barnes & Noble, Autozone, Cold Stone and Subway.
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.