Irvine, CA – Faris Lee Investments, a leading retail advisory, and investment sales firm, has completed the $28.50 million sale of a freestanding 2 story building leased to Ross Dress for Less in Pasadena, CA. The transaction closed at a cap rate of 4.73% and $740 psf.
Jeff Conover, Don MacLellan, managing principals at Faris Lee Investments and Scott DeYoung, Sr. Managing Director at Faris Lee Investments represented the seller, a Los Angeles-based private family office, and sourced and represented an all-cash 1031 exchange Los Angeles-based buyer in the transaction.
Located at 460 S. Lake Avenue, the property is part of a world-class trade area with close proximity to the Rose Bowl, Cal Tech, East West Bank and Tetra Tech corporate headquarters. Ross has occupied this location for over 26 years.
“This was a unique opportunity to acquire the fee simple interest on Lake Avenue with a strong investment-grade credit tenant, one of the prime retail corridors in Pasadena,” said MacLellan.
“We strategically positioned the property as a generational legacy asset with a potential covered land play based on the highest and best use,” Conover added.
Faris Lee Investments targeted 1031 exchange buyers and immediate trade area owners during the marketing period. The intrinsic real estate value, the strength & stability of the credit tenant, the outstanding high income trade area, and the exceptional dense urban infill demographics provided security to an investor and were key components to making this transaction successful.
Based on the positioning of the property, Faris Lee attracted tremendous interest from the 1031 investor pool generating multiple offers during the marketing period.
