$3.85 Million Sale of Retail-Zoned Property in San Bernardino
San Bernardino, Calif., – Commercial Real Estate – Faris Lee Investments, the nation’s largest retail-specialized investment sales and advisory team, has completed the sale of a 10,200-square-foot retail property occupied by Davita Dialysis for $3.85 million. Situated on .64 acres within a neighborhood shopping center, the property is located at 4041 N. University Parkway, San Bernardino, Calif. Davita Dialysis has a long-term, absolute triple-net 15-year lease on the property with two five-year extension options.
Jeff Conover, senior managing director of Faris Lee Investments, represented the seller, Beverly Hills, Calif.-based Camden Holdings, LLC. The buyer, San Marino, Calif.-based Thompson Co., was in a 1033 Exchange and was represented by Susan Harris of CAG. The property closed at a 7.31 percent cap rate.
“The tenant has a substantial amount of money invested in upgrades and improvements to its space,” said Conover. “This reflection of its commitment to the facility, its long-term lease and the overall corporate strength of Davita Dialysis, made this investment a strong one for the buyer.
According to Rich Walter, president of Faris Lee, the retail zoned location provided an upside to flexibility of the space for future use.
“When looking at a retail property, Faris Lee is able to provide alternate strategies to an investment should a tenant need to vacate, goes out of business or economic conditions shift in general,” said Walter. “Even though Davita is a strong tenant, in these times, investors seek out assurance that their investment will perform in other viable scenarios as well.”
Built in 2009, the property is located just off the I-15 Freeway at University Parkway which sees approximately 90,000 cars per day and is near other national retailers as well as Cal State University San Bernardino and Community Hospital of San Bernardino. The company provides life-sustaining dialysis treatments to patients suffering from end-stage renal disease. As one of the largest chains of outpatient dialysis centers, the company operates or provides administrative services to more than 1,440 centers across the United States. The firm also offers home-based dialysis services, as well as inpatient dialysis in some 700 hospitals.
About Faris Lee Investments
Faris Lee Investments is an advisory and brokerage firm specializing in retail real estate. The company’s team of high-level retail investment and financing experts develop forward-thinking strategies to maximize values of all retail acquisitions and dispositions and to guide clients through complex transactions. Cumulatively, the senior management team of Faris Lee 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.