Faris Lee Investments successfully closed the pre-sale of a newly built Starbucks and Pacific Dental at Pacific Coast Plaza in Oceanside. The transaction concluded with a sale price of $5,880,000 or $1,176 per square foot and cap rate of 4.99%.
Jeff Conover and Don MacLellan as managing principals along with Scott DeYoung Sr. and Chris DePierro as managing directors represented the seller – an Orange County-based developer. On behalf of the all-cash buyer from Los Angeles County who utilized a 1031 exchange to secure the property was Shaun Riley acting as Managing Principal for Faris Lee Investments .
“The successful completion required Faris Lee Investment’s team project management skills to coordinate between construction teams, city officials, tenants & developers within timeline thresholds set by buyer,” said MacLellan.
