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TUSTIN, CA-The sale of a 7,324-square-foot multi-tenant retail property at the northwest corner of Newport Avenue and El Camino Real Street here closed at a 6.31% cap rate and $552 per square foot despite the exit of four of the center’s six tenants after the buyer arranged initial loan approval. According to president Rich Walter of Irvine-leased Faris Lee Investments, which represented the seller, three new tenants signed leases before the close of escrow after the Irvine firm extended escrow and recommended a new leasing team. The $4.05 million sale of the center is one of four recently closed retail sales in Orange and Los Angeles counties totaling $22 million in which Faris Lee was involved as either the listing agent, the buyer’s agent or both.

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