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

Property Image
SOLD
$5,400,000

California

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Retail11,781 SF
Sold 05/01/2024
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Property Image
SOLD

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

2930 Clark Avenue

See Similar Deals
Retail11,781 SF
Sold 05/01/2024
the dealplayerscompscontact
Contact now

Summary

CALIFORNIA
Asset Type:Retail
Price Per Square Foot:$458
Total Square Footage:11,781 SF
Transaction Type:Sale

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

Nicholas (Nick) Miller
Faris Lee Investments
Nicholas Miller
4 deals$52.2M volume
BROKER

Details

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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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$288,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$19,185.06
Cash-on-Cash Return-1.27%
Monthly Debt Service$25,598.75
Annual Debt Service$307,185.06