Faris Lee Closes Stockton Retail Deal
ByFaris Lee Investments has completed the $7.1 million sale of The Shops at Hammer & West, a 15,314-square-foot multi-tenant retail strip center in Stockton, Calif. The property traded at a cap rate of 6.5 percent and a price per square foot of $460.
“The buyer, who was in a 1031 exchange, valued the densely populated trade area, the property’s quality design and aesthetics, the triple-net lease structure that offers ease of management and some of the Pacific Rim tenants such as Jollibee,” Jeff Conover, senior managing director at Faris Lee Investments, said in prepared remarks. Conover represented the Newport Beach-based seller, West Hammer Properties. Vista Pacific Realty represented the buyer, Menlo Park-based Tian He Jian Real Estate USA Inc.
Located at 7840 West Lane on 1.8 acres, the property was built in 2008 and features highly visible monument signage. The asset houses seven tenants and is part of a larger development anchored by Walgreens and El Pollo Loco. Originally developed by West Hammer, the shopping center fronts Costco, providing favorable crossover traffic…
