$38.7 Million Retail Deal Closes at Lakewood Center
A major retail transaction has taken place in California, with Faris Lee Investments brokering the sale of two retail properties at Lakewood Center for $38.7 million.
The total square footage of the two buildings is approximately 155,000 square feet and are occupied by Albertsons and The Home Depot, both long-time tenants with over 30 years of operation at the center.
The shopping center, known as Lakewood Center, spans a massive 2 million square feet and is situated roughly 23 miles southeast of Los Angeles. Faris Lee Investments represented both the seller, a consortium of multiple owners, and the buyer, a high net-worth family office, in the transaction.
The sale marks a significant deal in the retail market, with the properties being sold at a substantial price.