Shopping Center Business

MAY 2015

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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22 • SHOPPING CENTER BUSINESS • MAY 2015 N E W S L I N E n FARIS LEE COMPLETES $2.7 MILLION SALE OF RETAIL PROPERTY Faris Lee Investments has completed the $2.7 million sale of a single-tenant NNN- leased property occupied by O'Reilly Auto Parts in Baldwin Park, California. This sale was the final piece sold by the seller, PCG BP Puente LLC, a single pur- pose LLC controlled by Paragon Com- mercial Group, LLC and its investment partners, who previously sold the adjacent parking lot parcel to Kindred Healthcare. The property is contiguous to a freestand- ing CVS/pharmacy. The property totals 7,135 square feet on 0.65 acres. The project was a reverse build-to-suit for the tenant, which signed a 15-year lease. Don- ald MacLellan and Chris Tramontano of Faris Lee Investments represented El Segundo, California-based PCG BP Pu- ente LLC. The buyer, Hill Family Trust, was represented by Dan Willis of Willis Ventures. The closing cap rate was 4.7 percent. n GOODMAN BROKERS SALE OF BENTLEY COE PLAZA IN OHIO FOR $2.8 MILLION Kyle Hartung of Goodman Real Estate Services Group LLC has brokered the $2.8 million sale of Bentley Coe Plaza in North Olmsted, Ohio. The plaza was 72 percent occupied at the time of sale. Har- tung represented the seller of the property and also procured the buyer, an affiliate of Timber Development Co. Bentley Coe Plaza is a 36,516-square-foot neighbor- hood strip center that offered the inves- tor upside through leasing of the vacant 10,120-square-foot anchor space. The property's current tenant roster includes Verizon, Fast Signs, A Child's View, Ciril- la's, China Renaissance and others. n HANLEY NEGOTIATES SALE OF MULTI-TENANT RETAIL CENTER NEAR BRIGHAM YOUNG UNIVERSITY Hanley Investment Group has completed the sale of a 13,620-square-foot, multi-ten- ant retail property located at the entrance to Brigham Young University in Provo, Utah. The sales price was not disclosed. Ed Hanley, president of Hanley Invest- ment Group, and Jeremy McChesney, a senior vice president, represented the buyer, a private investor from Los Ange- les, as well as the seller, Peninsula Retail Partners of Newport Beach, California. Peninsula developed the property. Lo- cated on 1.52 acres, the property consists of two multi-tenant retail buildings built in 2014 that are adjacent to a new CVS/ pharmacy. (CVS was not part of the sale.) The property was 93 percent occupied at the time of the sale and includes tenants Noodles & Company, Rumbi Island Grill, Mooyah, Firehouse Subs, Papa John's Pizza and Rita's Ice. Faris Lee sold a reverse build-to-suit for O'Reilly Auto Parts, which signed a 15- year lease.

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