Faris Lee Investments recently completed the sale of Brea Promenade, a retail center located in Brea. The transaction, valued at $5.15 million, was represented by senior managing director Scott DeYoung on behalf of the seller Nesbitt Partners Brea Venture, LTD. A California-based 1031 exchange buyer was sourced for the purchase.
Strategically situated at 910 E. Birch St., Brea Promenade boasts a prime location with easy access to major freeways and nearby attractions such as Cal State University – Fullerton Campus and Brea Mall’s signalized hard corner entrance. Despite challenges including an existing ground lease with only 57 years remaining and an occupancy rate of 84%, Faris Lee successfully navigated these obstacles by highlighting potential value-add opportunities and emphasizing its high yield.
Throughout the escrow process, Faris Lee remained actively involved by coordinating with both the buyer’s lender and ground lessor to ensure a seamless transition in ownership.
This recent sale demonstrates Faris Lee’s expertise in navigating complex transactions while delivering exceptional results for their clients without compromising on quality or efficiency.
