{"id":1004180279,"date":"2017-06-15T08:17:41","date_gmt":"2017-06-15T16:17:41","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004180279"},"modified":"2022-12-08T23:36:16","modified_gmt":"2022-12-09T07:36:16","slug":"faris-lee-secures-buyer-for-oc-mixed-use-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/faris-lee-secures-buyer-for-oc-mixed-use-asset\/","title":{"rendered":"Faris Lee Secures Buyer for OC Mixed-Use Asset"},"content":{"rendered":"<p>By Ariela Moraru<\/p>\n<div id=\"attachment_1004180283\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/La-Plaza-Pacifica-Dana-Point-Calif..jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004180283\" data-attachment-id=\"1004180283\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/faris-lee-secures-buyer-for-oc-mixed-use-asset\/la-plaza-pacifica-dana-point-calif\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/La-Plaza-Pacifica-Dana-Point-Calif..jpg\" data-orig-size=\"2000,1545\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"La Plaza Pacifica, Dana Point, Calif.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;La Plaza Pacifica, Dana Point, Calif.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/La-Plaza-Pacifica-Dana-Point-Calif..jpg?w=1024\" class=\"wp-image-1004180283 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/La-Plaza-Pacifica-Dana-Point-Calif..jpg\" alt=\"La Plaza Pacifica, Dana Point, Calif.\" width=\"300\" height=\"232\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/La-Plaza-Pacifica-Dana-Point-Calif..jpg 2000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/La-Plaza-Pacifica-Dana-Point-Calif..jpg?resize=300,232 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/La-Plaza-Pacifica-Dana-Point-Calif..jpg?resize=768,593 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/La-Plaza-Pacifica-Dana-Point-Calif..jpg?resize=1024,791 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/La-Plaza-Pacifica-Dana-Point-Calif..jpg?resize=1536,1187 1536w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004180283\" class=\"wp-caption-text\">La Plaza Pacifica, Dana Point, Calif.<\/p><\/div>\n<p>Faris Lee Investments has completed the sale of La Plaza Pacifica, a 14,900-square-foot mixed-use property in Dana Point, Calif. The multi-tenant office and <a href=\"https:\/\/www.commercialsearch.com\/news\/faris-lee-arranges-13m-la-area-starbucks-cvs-sale\/\">retail asset<\/a> was 95 percent occupied at the time of the sale. The $6.6 million sale price represented a 5.5 percent cap rate and $463 per square foot. Senior Managing Director Jeff Conover represented the seller, Trowbridge Vaughen Vivos Trust, as well as the local buyer, Raintree Evergreen LLC.<\/p>\n<h2>Entering the SoCal market<\/h2>\n<p><em>\u201cThis property is within the affluent area of Dana Point and offered the buyer the potential to occupy a portion of the office space for its business in the future, as well as an irreplaceable south Orange County coastal location,\u201d<\/em> said Conover in prepared remarks. \u201c<em>There is a high barrier to entry for coastal commercial property ownership in Southern California. La Plaza Pacifica defines legacy property for the investor.\u201d<\/em><\/p>\n<p>Located at 34052 La Plaza Drive at the intersection of Golden Lantern and Pacific Coast Highway, the property is 1 mile from Dana West Marina and two miles from Interstate 5. The two-story property was built in 1990 on an 18,973-square-foot lot. The asset is surrounded by retail, restaurants and an outside amphitheater at Downtown Plaza. It is part of the newly revitalized Lantern District, which has several mixed-use retail and apartment projects underway.<\/p>\n<p><em>Image courtesy of Faris Lee Investments<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Raintree Evergreen LLC acquired the 14,900-square-foot retail and office property in Dana Point, Calif., for $6.6 million, which represents a 5.5 percent cap rate.<\/p>\n","protected":false},"author":960,"featured_media":1004180283,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,21752,21742,34267,15],"tags":[35440,36138,36139],"class_list":["post-1004180279","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-mixed-use","category-latest","category-orange-county","category-west","tag-faris-lee-investments","tag-raintree-evergreen","tag-trowbridge-vaughen-vivos-trust"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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