Faris Lee sells Lakewood Center retail portion for $37 million
Faris Lee Investments just sold a massive Lakewood retail center.
The short version
- The 97,319 square foot property brought in $37,300,000 in cash.
- Burlington, 24 HR Fitness and Bank of America anchor it.
- This is the second huge sale here this year totaling $76,000,000.
Check your commercial real estate holdings this week. Faris Lee Investments, a retail real estate advisory firm, just closed a $37,300,000 sale at Lakewood Center in Lakewood, according to Connect CRE. The massive 97,319 square foot retail portion features Burlington, the discount department store chain; 24 HR Fitness, the nationwide gym chain; and Bank of America, the massive national bank.
This is the second large portion of Lakewood Center that Faris Lee has sold this year, bringing their total sales at the property to $76,000,000. 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 the close of escrow, the ownership successfully negotiated lease extensions on the major anchors, proving the strength of the location. 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. For local property owners, high-dollar transactions like this show that large retail spaces with strong national anchors continue to command massive buyer interest. Strong anchors mean steady foot traffic and reliable rent checks for anyone holding retail space.
