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Last Updated ( Tuesday, 06 May 2014 20:27 )
DATE_FORMAT_LC2=Tuesday,May 06 2014 12:00:00 am EDT   
Faris Lee Brokers $7.84 Million Sale in Inland Empire

shops at sierra lake webThe Shops at Sierra Lakes is a two-story, 21,615-square-foot property that sold for $7.84 million.Fontana, Calif. – Faris Lee Investments has brokered the $7.84 million sale of The Shops at Sierra Lakes, a two-story, 21,615-square-foot shopping center in the Inland Empire. The development was 94 percent occupied at the time of sale. Major tenants of the property include Dollar Tree, 7-Eleven and more. Jeff Conover, senior managing director of Faris Lee Investments, represented the seller, PRP Investors-Fontana LLC from Newport Beach. The buyer was Laguna Hills-based Farsai Fontana LLC and was represented by Scott Hook of Coldwell Banker Commercial.

The closing cap rate of The Shops at Sierra Lakes was 6.45 percent and the price per square foot was $363. Built in 2009 and 2012, the property is situated on 3.95 acres and is part of Sierra Lakes Marketplace, which consists of more than 880,000 square feet of retail properties including Lowes Home Improvement, Costco, Petco, Office Max, Home Depot and LA Fitness.

Scott Reid

 

 

 

 

 

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