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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.
- ◦Sale/Acquisition
