Faris Lee brokers Chino Hills deal

Faris Lee Investments negotiated the sale of Crossroads Marketplace, a 264,000-square-foot retail center in Chino Hills, Calif.

The value of the transaction was $62 million.

Newport Beach, Calif.-based Steadfast Companies, a real estate development, ownership and management company, sold the property to San Francisco, Calif.-based Krausz Cos. in a 1031 exchange.

Built in 2000-2001, Crossroads Marketplace is situated on 34 acres of land at 13000 Peyton Drive. The property boasted a 100 percent occupancy rate of all completed buildings at the time of sale. Nationally recognized anchor tenants include Bed Bath & Beyond, Sport Chalet, Best Buy, PetsMart, Stein Mart and Sav-on Drugs.

Irvine, Calif.-based Faris Lee Investments is an advisory and brokerage firm specializing in retail real estate.

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