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2930 Clark Avenue
SOLD

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

2930 Clark Avenue

Retail
11,781 SF
clock iconSold 72 days ago
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Summary

Sale
CALIFORNIA
Retail
11,781 sqft

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.

Players

  • All

    2

  • Agents

    1

  • Agencies

    1

Nicholas (Nick) Miller's profile picture
Nicholas (Nick) Miller
Faris Lee Investments-image
Director
$42.2M Sold

Details

Deal Summary
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SOLD
IMAGE: Nicholas Miller DATE: 05/01/2024 ADDRESS: 2930-2950 Clark Avenue MARKET: Long Beach ASSET TYPE: Retail BROKER: Nicholas Miller - Faris Lee Investments SALE PRICE: $5,400,000 SF: 11,781 ~ PPSF: $458 NOTE: Faris Lee Investments successfully acquired Time Square Center, a fully leased neighborhood retail center in Long Beach, for $5.4 million at a 6.58% cap rate. Representing an Orange County-based investor, Faris Lee director Nick Miller navigated challenges including a competitive market with multiple offers and financing constraints, ultimately securing financing from a local credit union to meet the buyer's needs and negotiating due diligence extensions and indemnity agreements to minimize risk during the escrow process.

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Address2930 Clark Avenue

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