Faris Lee completes $170M retail sale

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Faris Lee Investments recently completed the $170.1 million sale of Puente Hills Mall in the City of Industry, Calif. Glimcher Realty Trust, a Columbus, Ohio-based REIT, purchased the property from PASSCO, an Irvine, Calif.-based real estate investment company. Located on the corner of Colima Road and Azusa Avenue, Puente Hills Mall totals 1.2 million square feet and is a two-story, enclosed regional mall anchored by Sears, Robinsons-May and an AMC 20-screen movie theatre. Originally built between 1974-1975 as a regional shopping center, the mall has become a "Town Center," combining department stores, big-box "power center" retailers, restaurants and entertainment venues. At the time of sale, Puente Hills Mall was more than 93 percent occupied with tenants that include Burlington Coat Factory, CompUSA, Circuit City, Ross, Linens-n-Things, 24-Hour Fitness and Borders Books & Music. Irvine, Calif., Faris Lee Investments is an advisory and brokerage firm specializing in retail ...