10/28/2008

Faris Lee inks $8.25M deal for two California retail properties

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Faris Lee Investments has completed two sales of single-tenant retail properties occupied by Tutor Time totaling $8.25 million.

In Walnut, Calif., Walnut Preschool, LP, sold the 10,500-square-foot property at 21639 E. Valley Blvd. for $4.15 million. Faris Lee's Jeff Conover represented the seller in the disposition of the building, which was built in 2002 and sits on 1.05 acres.

In Rancho Cucamonga, Alta Loma Preschool, LP, sold the Tutor Time building at 10420 Alta Loma Dr. for $4.1 million. It also contains 10,500 square feet and was built in 2004. Conover also represented the seller in the transaction. Both properties sold with a six percent capitalization rate.

Tutor Time is a subsidiary of A.B.C. Learning Centers Ltd., the largest publicly traded child care service provider in the world.

Address: 21639 E. Valley Blvd., Walnut, Calif.
- 10420 Alta Loma Dr., Rancho Cucamonga, Calif.

Size: 21,000 square feet

Built: 2002, 2004

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Filed Under: Retail

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