Faris Lee Investments, an Irvine, CA-based retail advisory and investment sales firm, has successfully completed the all-cash sale of a triple net lease strip center in Colton, CA for $3.75 million. An undisclosed Inland Empire-based investor purchased the asset at a 6.35% cap rate and $239 per square foot.
Located at 1705 E Washington Street with 100% occupancy, the center consists primarily of suites that are less than 1,200 square feet in size. Faris Lee noted that due to its unique value add offering they were able to generate 16 offers despite challenging market conditions; indicating investors still seek well-positioned Inland Empire retail centers for their portfolio’s growth potentials.
Shaun Riley from Faris Lee represented both buyer and seller on this transaction alongside Nick Miller from their team; “Given these circumstances, we were able to close this deal quickly” said Riley “The property also benefits from crossover traffic in the immediate area from recognized retailers including Walmart, Stater Brothers, Rite Aid & McDonald’s “.
