$5.6 Million Sale of Retail Property in Temecula California
Temecula, Calif., August 18, 2011 – Faris Lee Investments, the nation’s largest retail-specialized investment sales and advisory firm, has completed the $5.65 million sale of a fully occupied 14,500 square foot retail property located at the entrance of Promenade Temecula, a 1.14 million square foot regional mall in Temecula, Calif. Built in 2000, the property is situated on 1.92 acres and is located at 26520-26550 Ynez Road. The property includes a 6,900 square foot Tilted Kilt Pub & Eatery as well as a shops building that includes Jamba Juice, Ming’s Restaurant, Pacific Pita, & Promenade Dental Care.
Jeff Conover and Rich Walter of Faris Lee Investments represented the seller, Beverly Hills, Calif.-based Temecula Pad PQ, LLC. The all-cash buyer was SZ Prosperity Investment, Inc. from Rowland Heights, Calif. and was represented by Jackson Chang of IRN Realty. The property closed at a 7.61 percent cap rate. According to Conover, the property garnered multiple offers and sold at 98 percent of the list price.
“Faris Lee marketed this property to its extensive proprietary database of national and international buyers and brokers with an emphasis on Asian buyers within California,” said Conover. With the devaluation of the U.S. dollar and U.S. property values still recovering, the buyer, a Chinese private capital real estate holding firm, seized the opportunity to own a secure and stable investment that offered favorable intrinsic value with a fully leased and well-located property.”
The property is located on a highly trafficked corner at the entrance of the Promenade Temecula regional mall. The property sees more than 106,000 vehicles per day and is situated in front of Macy’s and is adjacent to Costco. It is also across from a K-Mart and Food-4-Less anchored shopping center. There are more than 382,000 people within a 20-minute drive-time, and more than a 59,000 daytime employee population within five miles. The property is located directly off Interstate 15 at the Winchester Road exit.
Temecula is a city in southwestern Riverside County with a population of just over 100,000. Temecula is bordered by Murrieta on the northwest and the Pechanga Indian Reservation on the south,
with unincorporated areas of Riverside County on all of its other borders. It is served by Interstate 15, Interstate 215 and California State Route 79.
About Faris Lee Investments
Faris Lee Investments is a leading national real estate investment advisory firm, comprised of three (3) integrated business platforms; Faris Lee Investment Banking, Faris Lee Capital and Faris Lee Advisors. 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, the Faris Lee’s leadership has been involved in more than $20 billion of transactions. Faris Lee’s senior experts are skilled in disposition and acquisition strategies, 1031 exchanges, asset positioning and valuation, marketing, debt and equity structuring, strategic workout and REO solutions and execution. For more information, please visit www.farislee.com.