Faris Lee Investments

Safeway

Henderson, Nev. and Millwood, Wash. — Faris Lee Investments has brokered the $22.4 million sales of two single-tenant grocery stores totaling 106,254 square feet in Nevada and Washington. Jeff Conover and Scott DeYoung of Faris Lee Investments represented the undisclosed buyers and seller, a Southern California-based family private office, in the deals. The transactions included the disposition of a 58,254-square-foot Albertsons property in Henderson, roughly 16 miles outside Las Vegas; and a 48,000-square-foot Safeway in Millwood, roughly 8 miles outside Spokane.

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Don MacLellan Retail 2022 Outlook

A new influx of money taking aim at the retail sector made 2021 a strong year for investment sales in the category. Factors like continued inflow of capital, attractive yields, reduced fears about the disappearance of the 1031 exchange and the opportunities for deals indicate that 2022 will likely follow in 2021’s footsteps as a high-performing year. Don MacLellan, managing principal at Faris Lee, explains that since the beginning of the third quarter of last year, the company has seen a significant inflow of capital interested in retail investment properties, …

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Chick-fil-A

Albuquerque, NM., Conyers, Ga., and Mandeville and Marrero, La. — Faris Lee Investments has arranged the $13.9 million sale of four properties ground leased to Chick-Fil-A. Jeff Conover and Scott DeYoung of Faris Lee Investments represented the sellers, local developers from both the Southeast and Southwest regions of the United States. Faris Lee also procured the 1031 exchange buyers, who were based out of the West Coast, Southwest and Northeast regions. The properties are occupied under an average 15-year lease term and are located in Albuquerque, New Mexico; Conyers, Georgia; …

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21572 Plano Trabuco Road

Trabuco Canyon, Calif. — Faris Lee Investments has arranged the sale of a freestanding retail building located in Trabuco Canyon. ValueRock Realty acquired the property from an undisclosed seller for $4.2 million. CVS/pharmacy occupies the property on a triple-net lease basis. Rich Chichester and Don MacLellan of Faris Lee, in partnership with John Cumbelich of Cumbelich & Associates, represented the seller and buyer in transaction.

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Middleburg, Fla. — Faris Lee Investments has arranged the $6.6 million sale of Branan Field Walk, a 14,551-square-foot strip center located roughly 26 miles outside Jacksonville in Middleburg. Jeff Conover and Scott DeYoung at Faris Lee Investments represented the Midwest-based 1031 exchange buyer in the transaction. The property was fully leased to seven tenants at the time of sale.

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cvs

Bakersfield, Calif. — Faris Lee Investments has arranged the sale of a freestanding retail property located at 2690 Mount Vernon in Bakersfield. Intertex Property Advisors acquired the building from a Los Angeles-based developer for $5.4 million. The property is absolute triple-net leased to CVS Y Mas, which has occupied the location for 48 years. Sean Cox and Jeff Conover of Faris Lee Investments represented the seller, while Cushman & Wakefield represented the buyer in the transaction.

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Anaheim Retail

Anaheim, Calif. — Faris Lee Investments has arranged the acquisition of three multi-tenant retail pad sites known as Anaheim Gateway Retail in Anaheim. Scott DeYoung and Jeff Conover of Faris Lee represented the undisclosed buyer in the transaction. The seller was also not disclosed. The three buildings total 15,356 square feet and are anchored by Starbucks Coffee, Habit Burger and California Fish Grill. The sales price was $20.5 million.

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Garden Square

Midvale, Utah — Faris Lee Investments has arranged the $8.7 million sale of Garden Square shopping center, located roughly 12 miles outside Salt Lake City in Midvale. Nick D’Argenzio, Tom Chichester and Joe Chichester of Faris Lee Investments represented the undisclosed buyer and seller in the transaction.

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Shops at Trafalgar Square

Escondido, Calif. — Faris Lee Investments has arranged the $6.1 million sale of the Shops at Trafalgar Square, a fully occupied, 14,164-square-foot strip center located 30 miles outside San Diego in Escondido. This sale completes the break-up of a larger ALDI-anchored center with an IHOP pad building. Matt Brooks and Joe Chichester of Faris Lee created and executed the break-up strategy for the center’s undisclosed initial owner. The buyer in the transaction was undisclosed.

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Albertsons

Baker City, Ore. — Faris Lee Investments has arranged the $7.3 million sale of a single-tenant, 48,239-square-foot Albertsons in Baker City. The tenant had approximately 15 years remaining on its absolute triple-net lease. Chris DePierro, Jeff Conover and Scott DeYoung of Faris Lee Investments represented the Orange County-based seller in the transaction. The buyer was not disclosed. The Albertsons grocery store is located adjacent to Interstate 84. Other national tenants in this area include McDonald’s, Safeway, Rite Aid, Bi-Mart, Shell and Subway. Faris Lee targeted buyers based in the Pacific …

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