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Operating from its Irvine, Calif. headquarters and New York City office, Faris Lee Investments is an advisory and brokerage firm specializing in retail real estate. The company’s team of high-level retail investment and financing experts develop forward-thinking strategies to maximize values of all retail acquisitions and dispositions and to guide clients through complex transactions. Cumulatively, the senior management team of Faris Lee has been involved in more than $20 billion of transactions. Faris Lee’s senior experts are skilled in disposition and acquisition strategies, 1031 exchanges, asset positioning and valuation, marketing, debt and equity structuring, strategic workout and REO solutions and execution. For more information, please visit www.farislee.com.In a 1031 exchange, 26 Del Sur Crossroads I, LLC sold a 90,879-square-foot regional retail center in Chino Hills, Calif., to GAS Distomo Inc. for $25.525 million.

Donald MacLellan, senior managing director, and Nick Coo, managing director of Faris Lee Investments, represented the seller in the transaction. Mitch Rosen of Commercial Real Estate Services represented the buyer.

Located at 3060, 3070 and 3090 Chino Ave., and known as Crossroads Entertainment Center, the retail center is anchored by Harkins Theatres. The complex was constructed in 2007 and situated on 10.54 acres. The center was 98 percent occupied at the time of the sale.

Address: 3060, 3070 & 3090 Chino Ave., Chino Hills, Calif.

Size: 90,879 square feet

Built: 2007

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FARIS LEE INVESTMENTS COMPLETES $25.525 MILLION SALE OF CROSSROADS ENTERTAINMENT CENTER

IN CHINO HILLS, CALIFORNIA

* Faris Lee Capital Managed the Loan Assumption Process to Successfully Close the Deal
* Firm Identified Buyer with the Equity Required ($6.5 Million) and Assume an In-Place, Fixed 10-Year Loan at 6.2%
* Faris Lee Coordinated with Center's Leasing Agent to Re-Tenant a Vacancy During Escrow with a Long-Term Lease



IRVINE, Calif., April 23, 2009 - Faris Lee Investments, the nation's largest retail-specialized investment sales and advisory team, has completed the $25.525 million sale of Crossroads Entertainment Center, a 90,879-square-foot regional retail center anchored by Harkins Theatres and located at 3060, 3070 and 3090 Chino Avenue in Chino Hills, Calif. Donald MacLellan, senior managing director, and Nick Coo, managing director of Faris Lee Investments, represented the seller, 26 Del Sur Crossroads I LLC based in Los Angeles, Calif. The 1031 Exchange buyer was Long Beach, Calif.-based GAS Distomo Inc. and was represented by Mitch Rosen of Commercial Real Estate Services. In the first quarter of 2009, Faris Lee closed 23 retail transactions, the highest number in company history for a first quarter.

Built in early 2007 and situated on 10.54 acres, Crossroads Entertainment Center is a premier entertainment complex anchored by Harkins Theatres, an 18-screen state-of-the-art stadium seating multiplex theatre. It is the only new multiplex of its kind within a 10-mile radius. This fact, paired with the theatre's strong sales, were key selling points Faris Lee utilized during the marketing process. The center, which is 98 percent occupied, boasts a mix of regional and national tenants including Harkins Theatre, Z Pizza and Kiku Sushi. Crossroads Entertainment Center features direct access from the 71 Freeway as well as monument signage that is visible to more than 190,000 cars per day.

According to MacLellan, one of the key aspects to the deal was sourcing a 1031 Exchange buyer for a large theatre anchored entertainment center with $6.55 million of required equity and assume an existing loan on the property. The in-place, 10-year fixed financing featured a 6.2 percent interest rate presenting the investor with an attractive cash-on-cash return. Faris Lee Capital, an in-house team of financing specialists, assisted extensively with the loan assumption process.

"Our sophisticated finance team worked directly with the master loan servicer and special loan servicer providing market information, underwriting support along with sale and lease comparables to ensure the deal successfully closed," said MacLellan. "We also worked directly with the property's leasing agents to assist in re-tenanting a space that became vacant during escrow with a viable long-term lease. It's critical to be able to handle the complexities of retail deals in today's market and execute to meet client expectations - and that is what our team accomplished with this sale."

The center is a portion of a larger development which features a medical office building, a Hampton Inn and Suites, a drive-thru Starbucks, Buffalo Wild Wings Bar & Grill, a newly leased Circle-K Convenience Store and Gas Station and a Tutor Time early childhood education center. Within a five-mile radius of the property there is a significant population that exceeds 379,000 with an average household income of more than $97,000. Crossroads Entertainment Center serves the neighboring cities of Ontario, Diamond Bar, Chino and Montclair.

Filed Under: Retail

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