Nicholas Miller Of Faris Lee Investments Completes $5.4M Sale Of Time Square Center In Long Beach

The property involved in the transaction is Time Square Center, a fully leased neighborhood retail center located at 2930-2950 Clark Avenue in Long Beach. The asset was successfully acquired by Faris Lee Investments for $5.4 million at a 6.58% cap rate. The center spans 11,781 square feet with a price per square foot of $458.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $5,400,000
• SF: 11,781
• PPSF: $458
• Address: 2930-2950 Clark Avenue
• Market: Long Beach
• BROKER: Nicholas Miller - Faris Lee Investments

Faris Lee Investments director Nick Miller, representing an Orange County-based investor, navigated a competitive market with multiple offers and financing constraints to secure the acquisition of Time Square Center. To meet the buyer's needs, financing was obtained from a local credit union. Additionally, due diligence extensions and indemnity agreements were negotiated to minimize risk during the escrow process.