California + Inland Empire + Retail | May 18, 2023

Faris Lee arranged the sale of a strip shopping center in Moreno Valley, California at below replacement cost

Strip Center Buyer Adds to Inland Empire Holdings

Faris Lee Investments arranged the sale of Woodstock Plaza, a strip center located at the intersection of Alessandro and Heacock in Moreno Valley, for $4,550,000 with a cap rate of 5.19%. Principal Shaun Riley and director Nick Miller at Faris Lee represented the seller.

The property was offered at below replacement cost and as a covered land play, presenting a value-add opportunity with 25% vacancy at closing, It received multiple offers.

Faris Lee said the property is well-positioned for future upside potential, since it’s located on the hard corner of a 46,000-vehicle-per-day intersection with tenants on short-term leases at below-market rents.

“We were able to work closely with the buyer to justify the in-place income and demonstrate the potential for upside, resulting in a successful transaction,” said Miller. The buyer was an all-cash private investor who owns another center in Moreno Valley and multiple centers in the Inland Empire.

Connect

Inside The Story

Faris Lee

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

Order Reprints