Jeff Conover
IRVINE, CA—Retail advisory and investment sales firm Faris Lee Investments has completed $11.5 million in sales of 3 different properties within the Central Plaza Shopping Center in Lake Elsinore, CA. Three difference buyers picked up these properties — a single tenant net lease Marshalls (which traded at a 6% cap), a STNL Panera Bread (4.75% cap) and a 2-tenant sale of Pieology & Ono Hawaiian BBQ (5% cap).
The newly constructed 7.33 acre, 66,000-square foot shopping center is one of the main commercial hubs serving not only Lake Elsinore but also Temescal Valley, Canyon Lake and Wildomar. It was 100% pre-leased to national tenants upon commencement of construction.
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