Faris Lee Investments arranged the sale of Woodstock Plaza, a strip center located at the intersection of Alessandro and Heacock in Moreno Valley, for $4,550,000 with a cap rate of 5.19%. Principal Shaun Riley and director Nick Miller represented the seller in this successful transaction.
Woodstock Plaza was offered below replacement cost as a covered land play with 25% vacancy at closing. The property received multiple offers due to its prime location on the hard corner of an intersection that sees 46,000 vehicles per day and tenants on short-term leases paying below-market rents. This presented an attractive value-add opportunity for future upside potential to buyers who could justify current income levels.
The buyer was an all-cash private investor who already owned another center in Moreno Valley as well as multiple centers throughout Inland Empire – adding yet another asset to their portfolio through this acquisition from Faris Lee Investments . Miller commented: “We were able to work closely with them [the buyer] demonstrating potential upside which resulted in a successful transaction”
