Faris Lee handles L.A. retail deal

Best Plaza changes hands in Cerritos

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Faris Lee Investments negotiated the sale of the 360,000-square-foot Best Plaza Shopping Center in Cerritos, Calif. The value of the transaction was $57.5 million. San Francisco-based Krausz Cos. sold the property to Glendale, Calif.-based Cerritos Best Plaza LLC, a private real estate investment family. Richard Walter and David Lee of Faris Lee Investments represented the seller. Debra Collins of Collins Commercial represented the buyer. Best Plaza Shopping Center was built in phases starting in 1978 and was completed in 1999. The shopping center consists of 11 buildings on 25.6 acres. Boasting a 100 percent occupancy rate at the time of sale, the center's tenants include Burlington Coat Factory, Big Lots, Office Depot, Levitz Furniture, Guitar Center and BJ's Brewery. Irvine, Calif.-based Faris Lee Investments is an advisory and brokerage company specializing in retail real estate. *** Send tips, feedback or a letter to the editor to dave@inman.com or call (510) 658-9252, ext. 13...