{"id":1004183316,"date":"2017-07-10T06:31:32","date_gmt":"2017-07-10T14:31:32","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004183316"},"modified":"2022-12-09T00:30:52","modified_gmt":"2022-12-09T08:30:52","slug":"faris-lee-closes-stockton-retail-deal","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/faris-lee-closes-stockton-retail-deal\/","title":{"rendered":"Faris Lee Closes Stockton Retail Deal"},"content":{"rendered":"

By Ariela Moraru<\/p>\n

\"The<\/a>

The Shops at Hammer & West, Stockton, Calif.<\/p><\/div>\n

Faris Lee Investments has completed the $7.1 million sale of The Shops at Hammer & West, a 15,314-square-foot multi-tenant retail strip center in Stockton, Calif. The property traded at a cap rate of 6.5 percent and a price per square foot of $460.<\/p>\n

\u201cThe buyer, who was in a 1031 exchange, valued the densely populated trade area, the property\u2019s quality design and aesthetics, the triple-net lease structure that offers ease of management and some of the Pacific Rim tenants such as Jollibee,\u201d<\/em>\u00a0Jeff Conover, senior managing director at Faris Lee Investments, said in prepared remarks. Conover represented the Newport Beach-based seller, West Hammer Properties. Vista Pacific Realty represented the buyer, Menlo Park-based Tian He Jian Real Estate USA Inc.<\/p>\n

Located at 7840 West Lane on 1.8 acres, the property was built in 2008 and features highly visible monument signage. The asset houses seven tenants and is part of a larger development anchored by Walgreens and El Pollo Loco. Originally developed by\u00a0West Hammer, the shopping center fronts Costco, providing favorable crossover traffic.<\/p>\n

Break-up strategy<\/h2>\n

\u201cThis sale is significant as it represented the last piece of a five-parcel break-up strategy for West Hammer Properties,\u201d<\/em>\u00a0added Conover. \u201cThis strategy enabled the seller to realize significant value by separating out the parcels of the greater neighborhood center and selling individually over the past several years.\u201d<\/em><\/p>\n

Faris Lee Investments also brokered the $13 million sale of two Greater LA area retail properties<\/a> leased by Starbucks and CVS.<\/p>\n

Image courtesy of Faris Lee Investments<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

West Hammer sold the 15,314-square-foot multi-tenant retail strip center for $7.1 million. The 1031 exchange buyer was attracted to the asset\u2019s location and the triple-net lease structure.<\/p>\n","protected":false},"author":960,"featured_media":1004505684,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,21742,21749,1609,15],"tags":[33536,35440,36649,33239,36648,36647],"class_list":["post-1004183316","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-latest","category-retail","category-san-francisco","category-west","tag-1031-exchange","tag-faris-lee-investments","tag-tian-he-jian-real-estate-usa","tag-triple-net-lease","tag-vista-pacific-realty","tag-west-hammer-properties"],"acf":[],"yoast_head":"\nFaris Lee Closes Stockton Retail Deal - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/faris-lee-closes-stockton-retail-deal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Faris Lee Closes Stockton Retail Deal\" \/>\n<meta property=\"og:description\" content=\"West Hammer sold the 15,314-square-foot multi-tenant retail strip center for $7.1 million. 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