SANTA CLARITA, CA-Two parcels in the 105,000-sf Centre Pointe Marketplace at the intersection of Golden Triangle and Golden Valley roads have sold for $17 million and three others are expected to close early next year as part of a breakup strategy for marketing the property, according to Faris Lee. The two deals that closed included the $12.4 million sale of a 41,850-sf portion of the center that is occupied by Wickes Furniture and the $4.9 million sale of a 18,427-sf portion occupied by Office Depot.

Both of the deals were presales by Valencia-based Marketplace Properties LLC, which was represented by Richard Walter and Patrick Kent of Faris Lee. Newport Beach-based Marshall Stuart Properties bought the Wickes Furniture parcel, at 26520 Carl Boyer Dr., and was represented by James Brashier of Coldwell Banker Commercial. TIS Equities XV LLC of Los Angeles bought the Office Depot parcel at 26536 Carl Boyer Dr. and was represented by Dennis Vaccaro of Faris Lee.

The remaining three parcels include Starbucks Coffee, Bank of America, Nextel, Subway, Panda Express and others. Walter notes that this is the first time the firm has combined a presale and breakup strategy within one center.

Walter explains that Faris Lee advised Marketplace Properties, the developer of the center, on a breakup and presale exit strategy before construction began. He says that while a presale involves a complex negotiation process, “In a competitive retail market with rising interest rates and lack of new retail inventory, it’s beneficial to both the buyer and the seller.”

“Investors with the agility to conduct a presale can secure a high-quality property before it is built, and developers can lock in a buyer at a fairly close cap rate to the current market,” Walter comments. He notes that Faris Lee Capital, the Irvine-based firm’s in-house capital advisory arm, also arranged construction financing for the developer and permanent fixed rate financing for the buyers.

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