$3.28 Million Sale of a Single Tenant Retail Property in Hesperia, California
Faris Lee Investments Completes $3.28 Million Sale of a U.S. Bank-Occupied Single Tenant Retail Property in Hesperia, California
Hesperia, CA – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $3.28 million sale of a single-tenant triple-net leased property occupied by U.S. Bank in Hesperia, Calif.
Nicholas Coo, senior managing director, and Joseph Chichester, director, with Faris Lee Investments, represented the seller, Los Angeles-based Hesperia-Main Street LLC. The buyer, who was in a 1031 exchange, was a private investor from Los Angeles. The property sold at a cap rate of 4.8 percent and $911 per square foot, the lowest cap rate and highest price per square foot ever for a bank-occupied single-tenant property within the Inland Empire’s High Desert region.
Built in 2007 and situated on .69 acres, the property is located at 14075 Main Street. It is an outparcel to the area’s dominant retail shopping center, The Shops at Topaz, that is anchored by 99 Cents Only.
“When initially analyzing the property for the seller we recognized arbitrage value in breaking-up the property which is comprised of three separate parcels. This U.S. Bank sale finishes an assignment, which began three years ago in advising the seller to maximize this development’s exit value,” said Coo. “Joe and I recognized the strength in credit and bank use category, which allowed us to accentuate pricing.”
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.