LAKE ELSINORE AND MONTCLAIR, CALIF. — Faris Lee Investments has brokered two retail property sales in the Inland Empire of Southern California for a total consideration of more than $12 million. In the first transaction, Dana Point, Calif.-based Eletreby Enterprises Inc. acquired a freestanding Rite Aid drug store for $7.61 million in a pre-sale transaction. Located at 16491 Lakeshore Dr. in Lake Elsinore, the 17,272-square-foot property includes a drive-thru. The property offered the buyer a 20-year triple-net lease with Rite Aid. CB Richard Ellis represented the buyer; Jeff Conover of Faris Lee represented the seller/developer, Newport Beach, Calif.-based Peninsula Retail Partners, in the transaction.
In a separate transaction, Los Angeles-based Gindi Family Trust purchased Brighton Retail Plaza, which is located at the corner of Ramona Avenue and Mission Boulevard in Montclair. Ontario, Calif.-based Brighton Retail Plaza LLC sold the property for $4.45 million. Built in 2006, the approximately 11,742-square-foot property is currently 95 percent leased and anchored by a 4,942-square-foot McDonald’s, which is on a ground lease. Conover and Dennis Vaccaro of Faris Lee represented the seller; RE/MAX represented the buyer in the transaction.