2/26/2008

Faris Lee brokers sale of California retail center for $23M

by Eric Ramsden

Hemet Village

Mr. Walter

Los Angeles-based Jianna Properties has acquired the Hemet Village retail center in Hemet, Calif., for $23.4 million from San Francisco-based Westrust Properties.

The deal was brokered by Richard Walter and Donald MacLellan of Faris Lee Investments on behalf of both parties.

Hemet Village is an 87,896 square foot shopping center located on the southeast corner of Florida Ave. and Sanderson Ave. in Hemet, about 85 miles southeast of Los Angeles. Built in 2006, it is situated on 7.54 acres and is anchored by Office Depot, PetsMart and Marshalls. It was 97 percent occupied at the time of sale.

A 35-year veteran of the real estate business, Walter was recently featured in crefeed.com's Five Questions With...

Address: 2800 W. Florida Ave., Hemet, Calif.

Size: 87,896 square feet

Built: 2006

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Filed Under: Retail

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