Deal of the Week (3/27)
Mar 27, 2009 8:58 PM
Irvine, Calif.-based Faris Lee Investments completed the sale of a 24,250-square-foot portion of Trabuco Hills Shopping Center for $14.4 million in Mission Viejo, Calif.
Dennis Vaccaro, senior managing director, and Richard Walter, president, of Faris Lee Investments, represented the seller, Pacific Castle Props I LLC. The 1031 exchange buyer was Trabuco Hills Pads LLC. The property is 18 years old and is 98 percent leased. The sale included Walgreens, Claim Jumper and Ramona Tire.
“The pads at Trabuco Hills Shopping Center provided the investor with a unique opportunity to acquire single-tenant properties within an irreplaceable South Orange County retail property with an excellent tenant roster, below market assumable debt and long-term stability within a high income demographic area,” said Vaccaro, in a statement.
Faris Lee Capital, an in-house team of senior financing experts, worked with the seller to arrange an in-place loan for the properties a year ago. This allowed the buyer to take advantage of below market in-place debt with an interest rate fixed at 5.7 percent with full-term interest only payments. Faris Lee Capital also managed the debt assumption process between the buyer, seller and lender to successfully close the deal.
Other Notable Deals
Marcus & Millichap Real Estate Investment Services arranged the sale of the 35,653-square-foot Goodnoe’s Corner retail and apartment development in Newtown, Calif., for $14.9 million. The price equates to $417 per square foot. Marcus & Millichap represented the seller, a local developer, and the Philadelphia-based buyer…. The Dallas office of Holliday Fenoglio Fowler arranged $9.2 million in financing for Inland Western REIT for Block 22 of the 35,436-square-foot Southlake Town Square in Southlake, Texas. The loan is a two-year, fixed-rate loan arranged through American Bank of Texas…. Chino Hills, Calif-based Oh Family Trust bought the 8,116-square-foot Home Place strip center in Santa Ana, Calif., for $4.3 million from HPSC II LLC, an entity of Red Mountain Retail Group from Santa Ana, Calif. Coldwell Banker Best Realty represented the buyer. Hanley Investment Group Real Estate Advisors represented the seller. The purchase price works out to $532 per square foot…. Beverly Hills, Calif.-based StarPoint Commercial Properties purchased the 182,000-square-foot retail and office Tower Complex in Fort Worth, Texas, from Chicago-based TLC Green Property Associates. Terms of the transaction were not disclosed. StarPoint represented itself in the transaction. Cushman & Wakefield of Texas, Inc. represented TLC Green.
(To have your deals included in our weekly roundup, please email releases to David Bodamer or Elaine Misonzhnik.)
