Continuing the execution of a breakup strategy at Lakewood Center in Lakewood, Faris Lee Investments has closed a $37.3- million sale consisting of 97,319 square feet of retail, featuring Burlington, 24 HR Fitness and Bank of America. This is the second large portion of Lakewood Center that Faris Lee has sold this year, for a total of $76 million. Faris Lee represented the seller, a consortium of multiple owners.
The transaction was led by managing principals Don MacLellan and Jeff Conover, senior managing director Scott DeYoung, and director Greg Lukosky Prior to close of escrow, the ownership negotiated lease extensions on the major anchors.
“Transactions of this caliber require a deep understanding of both the real estate and the investment objectives of the buyer,” said MacLellan. “Lakewood Center is an exceptional retail destination, and the opportunity to acquire three strong national tenants in such a supply-constrained Southern California location is extremely compelling.”
