8/19/2008

Farris Lee completes three-parcel retail break-up sale in Carson, Calif.

by

The Washington Mutual at South Bay Pavilion

Faris Lee Investments completed the sale of a $16.93 million three-parcel retail break-up strategy. Included was an outparcel at South Bay Pavilion, a 1,017,590-square-foot regional mall in Carson, Calif.

The seller, HREG Genesis Carson, was represented by Richard Walter and Donald MacLellan of Faris Lee. Walter and MacLellan also represented the buyer, Vantuf, LLC.

A $2.88 million sale of a 4,000-square-foot free-standing building occupied by Washington Mutual closed escrow as part of the break-up strategy created by Faris Lee for the property's owners. Located at 20710 Avalon Blvd., the property, built in 2006, includes a NNN lease set to expire in 2017.

The first two outparcels, sold late last year, include a ground sale lease of a Chili's for $2.8 million and a 24-Hour Fitness for $11.25 million.

South Bay Pavilion recently underwent extensive renovations. South Bay Pavilion includes a Target, IKEA, Sears, JC Penney, Jamaba Juice and Panda Express among others. It is adjacent to the 5 Freeway.

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Filed Under: Retail

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