Faris Lee Investments recently finalized the sale of a three-tenant strip pad in Oceanside, California. The transaction, valued at $5.4 million and completed entirely in cash, was facilitated by managing principal Don MacLellan on behalf of the seller. The buyer, hailing from Washington State and procured through Faris Lee’s services, utilized a 1031 exchange to complete the purchase.
Situated within Pacific Coast Plaza – a bustling community center that serves north San Diego County and is conveniently located near the heavily trafficked 78 Freeway – this strip pad boasts an impressive lineup of major retailers including Walmart, Best Buy (soon to be joined by Nordstrom Rack), Dicks Sporting Goods, Staples Petco ,and Five Below.
The acquired property features long-term leases with T-Mobile,Navy Federal Credit Union,and Bricks & Minifigs as tenants. Navy Federal Credit Union’s lease includes a significant value increase in 2024 followed by subsequent increases every five years throughout their option periods,making it an attractive investment opportunity.T-Mobile and Bricks & Minifigs also contribute to stability with annual rent increases of 3% over their respective lease terms and options.Additionally,the T-Mobile location resulted from consolidation efforts following its merger with Sprint.
This recent deal marks another successful venture for Faris Lee Investments without mentioning any specific brands or locations associated with “Connect” or “Connect CRE.”
