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Fullerton retail center sells for just under $5 million
It’s the highest price paid per square foot for such a property in 15 months.
BY CAROL STARCEVICPublished: March 02, 2010 09:45 AM
Irvine-based Faris Lee Investments has finalized the sale of a three-tenant retail property in Fullerton for just under $5 million. It is the highest price paid per square foot for a multi-tenant property in Orange County in the last 15 months, according to CoStar, a leading provider of commercial real estate information.
Built in 2009 and located adjacent to St. Jude Medical Center, the North County property totals 8,047 square feet and is situated on a little less than an acre of land. It’s home to Panera Bread, Z-Pizza and Phans 55, all of which recently signed 10-year triple net lease agreements, giving the buyer a consistent income stream.
“This nontraditional retail center challenged Faris Lee to focus its marketing efforts on effectively communicating the strength of the captive consumer audience created not only by the St. Jude Medical campus, but also by the critical mass of other medical buildings in the immediate area,” said Shaun Riley, director of advisory services for Faris Lee.
Riley represented the seller, Irvine-based Accretive Laguna Partners, and Edward Kim of Los Angeles based Realtyland represented Seyoung, the La Habra-based buyer. Riley, who said he was able to garner $4.98 million at $619 per square foot, had eight offers on the center. The buyer paid cash, and the sale closed at a 6.7 percent cap rate.
Related headlines
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Built in 2009 and located adjacent to St. Jude Medical Center, the North County property totals 8,047 square feet and is situated on a little less than an acre of land. It’s home to Panera Bread, Z-Pizza and Phans 55, all of which recently signed 10-year triple net lease agreements, giving the buyer a consistent income stream. “This nontraditional retail center challenged Faris Lee to focus its marketing efforts on effectively communicating the strength of the captive consumer audience created not only by the St. Jude Medical campus, but also by the critical mass of other medical buildings in the immediate area,” said Shaun Riley, director of advisory services for Faris Lee. Riley represented the seller, Irvine-based Accretive Laguna Partners, and Edward Kim of Los Angeles based Realtyland represented Seyoung, the La Habra-based buyer. Riley, who said he was able to garner $4.98 million at $619 per square foot, had eight offers on the center. The buyer paid cash, and the sale closed at a 6.7 percent cap rate. Related headlines Strategic Storage buys two out-of-state facilities Griffin Towers in Santa Ana set to sell for $90 million Irvine's Suffolk Construction lands $35.5 million school project |
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