$3.53 Million Sale of a Two-Tenant Retail Property in Moreno Valley, California
Moreno Valley, Calif., – Faris Lee Investments, has completed the approximately $3.53 million sale of a 6,440-square-foot retail building in Moreno Valley, Calif. The property is fully occupied by two corporate tenants – TitleMax and Coast Dental – which are both on long-term triple-net leases.
Senior Managing Director Patrick Toomey and Director Matt Brooks represented the seller California-based TC Enterprise, LLC. The buyer, California-based, Perrishemlock LLC was represented by Realty ONE Group. The asset closed at a 6.22 percent cap rate.
Renovated in 2015 and situated on .3 acres in the main retail corridor of Moreno Valley, the property is located at 12252 Perris Boulevard. The property features prime visibility and monument signage and is within a larger retail center that includes CVS/Pharmacy and Dollar Tree.
“Faris Lee identified the buyer through our proprietary database of qualified investors,” said Toomey. “The transaction closed escrow on time despite the fact that Coast Dental’s corporate headquarters was affected by Hurricane Irma which required management of timing issues throughout the due diligence process.”
About Faris Lee Investments: Faris Lee Investments is a leading retail advisory and investment sales firm. The company’s high-level retail investment advisors and sophisticated financing experts develop forward-thinking strategies for all retail acquisitions and dispositions and guide clients through complex transactions. Cumulatively, Faris Lee’s leadership has been involved in more than $20 billion of transactions. Faris Lee’s senior advisors are skilled in disposition and acquisition strategies, asset positioning and valuation, marketing, debt and equity structuring, strategic workout and REO solutions and execution. For more information, visit www.farislee.com.