Faris Lee Lands $38.7M Retail Deal in Lakewood Center
A significant retail deal has been finalized in Lakewood Center, Los Angeles County. Faris Lee Investments completed the $38.7-million acquisition of a 155,000-square-foot, two-tenant retail investment featuring The Home Depot and Albertsons.
The property spans approximately 14.7 acres within Lakewood Center, a dominant regional retail destination serving a densely populated trade area. Both Home Depot and Albertsons occupy their respective parcels under absolute below-market ground leases.
'Transactions of this caliber require a deep understanding of both the real estate and the investment objectives of the buyer,' said Don MacLellan, managing principal at Faris Lee Investments. 'Lakewood Center is an exceptional retail destination, and the opportunity to acquire two dominant national tenants in such a supply-constrained Southern California location is extremely compelling.'