Faris Lee Investments has arranged the acquisition of a two-tenant big-box retail asset at Lakewood Center in Lakewood, with the transaction priced at $38.7 million. The investment involves a combined 155,000 square feet of space occupied by The Home Depot and Albertsons, two national retailers that serve as key anchors within the regional shopping destination.
The property totals approximately 154,997 square feet situated on 14.7 acres within Lakewood Center, which is described as a dominant regional retail hub serving a densely populated trade area in Los Angeles County. The asset forms part of a larger open-air and enclosed retail environment that draws consistent customer traffic from the surrounding community and broader region.
Both The Home Depot and Albertsons operate under absolute ground leases on their respective parcels, and those leases are characterized in the transaction details as being below current market levels. The structure of these ground leases provides the landowner with income while the retailers control and occupy the buildings on long-term terms, a profile that is often sought by investors focused on durable cash flow from creditworthy tenants.
Managing principals Don MacLellan and Jeff Conover, senior managing director Scott DeYoung, and director Greg Lukosky of Faris Lee Investments represented both sides of the transaction. The team advised the seller, identified as a consortium of multiple owners, and also represented the buyer, a high-net-worth family office. The involvement of the same brokerage team on both buyer and seller sides underscores Faris Lee Investments’ role in coordinating and executing the sale.
In discussing the transaction, MacLellan noted that deals of this nature require a detailed understanding of both the underlying real estate and the specific investment objectives of the buyer. He emphasized Lakewood Center’s position as an established retail destination and highlighted the appeal of securing two nationally recognized tenants in a supply-constrained Southern California location. The combination of scale, tenant quality, and location within a heavily populated trade area contributed to the property’s investment profile as described by the brokerage.
The acquisition adds another institutional-caliber retail asset to the portfolio of the unnamed family office buyer, with the investment thesis centered on stable occupancy by The Home Depot and Albertsons and the long-term control of land parcels under absolute ground leases. The transaction also reflects ongoing investor interest in large-format retail properties that are anchored by high-traffic national brands in mature regional shopping centers.
