Faris Lee Investments today announced it has brokered two retail property sales at the Centre Pointe Marketplace in Santa Clarita, Calif., for a total price of approximately $17.3 million.
The two sales include the nearly $12.4 million pre-sale of a 41,850-square-foot, single-tenant retail property occupied by Wickes Furniture located at 26520 Carl Boyer Drive, and the $4.9 million pre-sale of Office Depot, an 18,427-square-foot, single-tenant retail property located at 26536 Carl Boyer Drive. Both properties are anchor tenants for the center, which comprises a total of 104,701 square feet.
Valencia, Calif.-based Marketplace Properties LLC sold the Wickes facility to Newport Beach-based Marshall Stuart Properties and the Office Depot building to Los Angeles-based TIS Equities XV LLC.
The pre-sales of Wickes and Office Depot mark the first parcels in a five-parcel break-up/pre-sale strategy crafted by Faris Lee for the center’s developer. The remaining three parcels, which include Starbucks Coffee, Bank of America, Nextel, Subway, Panda Express and others, are expected to close escrow by February 2008.