IRVINE, CA-A 1031 exchange investor has acquired a fullyoccupied 60,000-sf portion of the Marketplace at Ontario Mills for$18 million in a pre-sale before the completion of construction,according to Irvine-based Faris Lee Investments. The space isoccupied by four furniture tenants: CORT Furniture Rental, OrthoMattress, Bassett Furniture and Easylife Furniture.

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According to Jeff Conover, senior managing director for FarisLee Investments, marketing for the center commenced upon grading ofthe project. This pre-sale strategy for the property allowed escrowto close upon completion of construction, allowing the developer toimmediately take its profit and move forward on other shoppingcenter projects, he explains.

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Conover represented the seller and developer of the center,Newport Beach, CA-based Peninsula Retail Partners. The 1031exchange buyer was Los Angeles-based Las Vegas Land &Development Co.

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The Marketplace is located at the 15 Freeway and FoothillBoulevard, at 4155-4195 Inland Empire Blvd. and 750 N. FerrariLane. Conover says that Faris Lee targeted 1031 exchange buyers andgarnered 12 offers on the center.

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Conover says that Faris Lee's marketing emphasized the center’sease of management, new NNN leases of national and credit tenantsand strong customer draw from its key location near the OntarioMills Outlet Mall, as well as its location within a larger centerthat is co-anchored by Sam’s Club and Staples. Faris Lee Capital,Faris Lee’s financing arm, assisted in sourcing a private bank fromLong Beach to provide financing for the buyer during the subprimemortgage meltdown and the recent bankruptcy announcements of otherfurniture retailers.

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