{"id":1004206375,"date":"2018-02-08T07:53:34","date_gmt":"2018-02-08T15:53:34","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004206375"},"modified":"2022-12-08T21:59:53","modified_gmt":"2022-12-09T05:59:53","slug":"united-pacific-sheds-ca-office-asset-in-sale-leaseback-deal","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/united-pacific-sheds-ca-office-asset-in-sale-leaseback-deal\/","title":{"rendered":"United Pacific Sheds CA Office Asset in Sale-Leaseback Deal"},"content":{"rendered":"<p>By Evelyn Jozsa<\/p>\n<div id=\"attachment_1004206377\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/United-Pacific.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004206377\" data-attachment-id=\"1004206377\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/united-pacific-sheds-ca-office-asset-in-sale-leaseback-deal\/united-pacific\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/United-Pacific.jpg\" data-orig-size=\"800,620\" 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;1&quot;}\" data-image-title=\"United Pacific\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;United Pacific&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/United-Pacific.jpg?w=800\" class=\"wp-image-1004206377 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/United-Pacific.jpg\" alt=\"United Pacific\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/United-Pacific.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/United-Pacific.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/United-Pacific.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004206377\" class=\"wp-caption-text\">4130 Cover St. in Long Beach, Calif.<\/p><\/div>\n<p>Faris Lee Investments has arranged the sale of a 40,376-square-foot, freestanding office building in Long Beach, Calif., for $15 million. The company worked on behalf of the seller, an entity of United Pacific, while CBRE represented the buyer, a family trust from Northern California. The transaction closed at a cap rate of 5.3 percent. United Pacific has also signed a 10-year lease with the new owner.\u00a0<\/p>\n<p>Located at 4130 Cover St., the asset occupies 2.7 acres at the intersection of Cover Street and North Lakewood, near interstates 405, 605, 710, 100 and highways 22 and 91. Additionally, the location provides access to the Long Beach Airport, Douglas Park business\/industrial corridor,\u00a0which\u00a0is home to\u00a0companies such as Boeing, Mercedes-Benz and Virgin Galactic.<\/p>\n<p><em>\u201cUnited Pacific structured the sale-leaseback to focus on its business operations versus ownership and management of the real estate,\u201d<\/em> said Rick Chichester, president &amp; CEO of Faris Lee Investments, in prepared remarks.\u00a0<em>\u201cBoth the seller and the buyer executed their business and investment strategies with precision.\u201d<\/em><\/p>\n<p>Faris Lee Investments\u2019 President &amp; CEO Rick Chichester and Managing Director Thomas Chichester worked on behalf of the seller, with Bob Bower of CBRE representing the buyer.\u00a0<\/p>\n<p>In December, Faris Lee completed the sale of a 14,990-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/faris-lee-completes-sale-of-co-retail-asset\/\">Colorado retail asset<\/a>\u00a0for more than $6 million.\u00a0<\/p>\n<p><em>Image courtesy of Faris Lee Investments<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company sold the nearly 41,000-square-foot property for $15 million and signed a 10-year lease with the new owner, a Northern California-based company. <\/p>\n","protected":false},"author":871,"featured_media":1004206377,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21743,1594,21742,21747,15],"tags":[32789,35440,39067],"class_list":["post-1004206375","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-deals","category-los-angeles","category-latest","category-office","category-west","tag-cbre","tag-faris-lee-investments","tag-rick-chichester"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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