Irvine, Calif. — Faris Lee Investments has completed two transactions totaling approximately $5.53 million in the Inland Empire area of Southern California, which is located east of Los Angeles.
The first transaction was a $3.29 million sale of a single-tenant property occupied by Farrell’s Ice Cream Parlour Restaurant in Rancho Cucamonga. The second transaction was a $2.24 million sale of a property occupied by Big 5 Sporting Goods in Fontana.
For the Farrell’s transaction, Jeff Conover and Rich Walter represented the seller, Bengard-Foothill LLC from Orange County, Calif. The buyer, 4021 LLC from San Diego, was represented by Acadia Corporation. The sale closed at a 7.5 percent cap rate, which is the lowest cap rate for a sit-down, non-fast-food restaurant in the Inland Empire over the past two years, according to Faris Lee. The property, which totals 7,841 square feet and is situated on 1.25 acres, just recently opened its doors after an extensive building renovation that completed in late 2011.
For the Big 5 Sporting Goods transaction, Jeff Conover and Matt Mousavi of Faris Lee represented the seller, PRP Investors Fontana, LLC who developed the property. The all-cash buyer, Kalmuk Trust from Los Angeles was represented by Opics Properties. The property generated ten offers. The sale closed at a 6.47 percent cap rate.