Faris Lee Investments Completes Receivership Sale of $3.7 Million Multi-Tenant Retail/Office Property in Aliso Viejo, California
Irvine, CA – September 21, 2011 – (RealEstateRama) — Faris Lee Investments, the nation’s largest retail-specialized investment sales and advisory firm, has completed the $3.7 million sale of The Shops at Pacific Park, a 15,195 square foot multi-tenant retail and office strip center in Aliso Viejo, Calif. Built in 1999 and situated on 1.18 acres, the property is located at 22912 Pacific Park Drive. The property, which was sold through receivership, is 88 percent occupied and includes a mix of dining, retail, and office tenants.
Dennis Vaccaro and Rich Walter of Faris Lee Investments represented Overland Park KS-based Key Bank and the receiver for the property. Dennis Vaccaro and Matt Mousavi of Faris Lee Investments represented the buyer, Feldspar LLC from Newport Beach, Calif. who paid all cash.
“Faris Lee’s marketing strategy focused on the strength of the master planned community of Aliso Viejo and the property’s strong historical occupancy,” said Vaccaro. “We generated a total of 10 offers, and despite the lender offering financing, our buyer chose to pay all cash for the asset.”
Vaccaro added that the buyer was attracted to the asset as it presented a rare south Orange County ownership opportunity as well as significant upside potential through rental increases and new tenanting options.
The Shops at Pacific Park has two points of access along Aliso Viejo Parkway and two points of access along Pacific Park Drive, sharing access with the adjacent El Pollo Loco and Chevron.
The master planned community of Aliso Viejo contains approximately 6.9 square miles of land and is located in south Orange County about four miles northeast of the Pacific Ocean. The community is divided by the San Joaquin Hills Transportation Corridor (SR-73) which extends to the northwest connecting Aliso Viejo to cities such as Costa Mesa, Irvine, and Newport Beach, and to the southeast connecting to San Juan Capistrano and offering access to San Diego County. The City is bordered on the west by Laguna Beach, on the east by the Cities of Laguna Niguel and Laguna Hills, and on the north by the City of Laguna Woods.
About Faris Lee Investments
Faris Lee Investments is a leading national real estate investment advisory firm, comprised of three (3) integrated business platforms; Faris Lee Investment Banking, Faris Lee Capital and Faris Lee Advisors. The company’s high-level retail investment advisors and sophisticated 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.
