Faris Lee Investments arranged the $14.9 million sale of a 40,000-square-foot section of the Santa Margarita Marketplace, a community shopping center encompassing a total of 320,000 square feet in Rancho Santa Margarita, Calif.
The purchased segment includes anchor tenant, Circuit City, which took over a former Marshall’s store earlier this year, as well as in-line shops occupied by local tenants. The entire center is part of the 370-acre, “Town Center” master-planned community in the center of Rancho Santa Margarita.
Anchored by Lowe’s Home Improvement, the center was 100 percent occupied at the time of the sale by national tenants that include Staples, Aaron Brothers, PetsMart, Linens ‘N Things, Pier 1 Imports, Starbucks, Wendy’s, Rubio’s and Blockbuster. Located on 30 acres along the 241 Transportation Corridor at Santa Margarita Parkway, the property was built in 2000-2001.
Faris Lee Investments represented Armour Properties, the Newport Beach, Calif.-based investment company that sold the property. Providence Investment Properties represented TIF Equities, the Los Angeles-based buyer.
Irvine, Calif.-based Faris Lee Investments is an advisory and brokerage firm operating nationwide and specializing in retail real estate.
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