Faris Lee Investments completed the sale of Plaza Pacifica, a neighborhood retail center located in San Clemente’s affluent South Orange County trade area. The property closed at a price of $21,000,000. The center features a strong mix of daily-needs retailers and has demonstrated long-term historical occupancy with consistent performance.
Don MacLellan, managing principal from Faris Lee Investments, executed a targeted marketing strategy emphasizing the long-term real estate fundamentals of the asset. The campaign focused on attracting 1031 exchange buyers and high-net-worth family offices, while highlighting the center’s flexible shop sizes, strong demand for smaller-format retail and no restrictions on food concepts.
The offering generated multiple competitive offers, with a high-net-worth, Orange County-based family office buyer selected. The transaction closed at the contract price in less than 60 days based on the buyer’s need to close before year-end. In addition, Faris Lee facilitated a life company loan assumption approval within 30 days.
