Faris Lee Investments Completes $16.5 Million Sale of Westchester Place Retail Property in Los Angeles, California
Irvine, CA – June 23, 2011 – (RealEstateRama) — Faris Lee Investments, the nation’s largest retail investment advisory firm, has completed the $16.5 million sale of Westchester Place, a two-story 50,861-square-foot retail center located at 8820-8844 South Sepulveda Blvd. in Los Angeles. Built in 2007 and situated on 1.71 acres, tenants include: Bed Bath & Beyond, Starbucks Coffee, Wells Fargo and Movement Performance Institute.
Richard Walter, president, Donald MacLellan, senior managing director and Christopher Tramontano, director of Faris Lee Investments represented the seller, Los Angeles-based HFH Westchester LLC. The buyer – who paid all-cash – was United Kingdom-based 481 Albertoni LLC, which was represented by Eileen Garrison of Keller Williams Realty.
“Our marketing strategy was to seek out an all-cash buyer to alleviate any issues that may arise based on the former Wachovia Bank space which was vacated at the time of the takeover by Wells Fargo who remains liable for the remainder of the rent obligations. We also tapped into the overseas investor pool due to the dense infill west Los Angeles location which is sought out by international investors because of its stability and long-term appreciation as compared with secondary or tertiary markets,” said MacLellan. “The property garnered multiple offers and provided the buyer a rare opportunity to acquire irreplaceable real estate on the westside of Los Angeles.”
“The Westchester retail market is vastly underserved and historically has been a very successful retail market,” said Tromontano. “The local trade area will improve over the long run as the immediate residential values continue to appreciate as an alternative to the extremely high-priced West Side. This will bode well in driving sales and subsequently rents over the long term.”
Westchester is an unincorporated area of Los Angeles and its boundaries are commonly defined as the area south of Jefferson Boulevard, west of the Interstate 405 Freeway (San Diego Freeway), east of Lincoln Boulevard, and north of the Los Angeles International Airport (LAX).
The Westchester community is separated from the Pacific Ocean by Playa del Rey on the west. Its northern border is defined by and includes the area now known as Playa Vista, as well as Culver City, and the unincorporated area of Ladera Heights. The Playa Vista community is located within the northern portion of Westchester. The city of Inglewood is to the east, and the city of El Segundo is to the south. The southern portion of the neighborhood is taken up by the Los Angeles International Airport (a.k.a. LAX).
About Faris Lee Investments
Faris Lee Investments is a leading national real estate advisory firm. The company’s high-level retail investment and financing experts develop forward-thinking strategies for all retail acquisitions and dispositions and guide clients through complex transactions. Cumulatively, the Faris Lee’s leadership has been involved in more than $20 billion of transactions. Faris Lee’s senior experts are skilled in disposition and acquisition strategies, 1031 exchanges, asset positioning and valuation, marketing, debt and equity structuring, strategic workout and REO solutions and execution. For more information, please visit www.farislee.com.
