Baton Rouge, La. and McDonough, Ga. — Faris Lee Investments has brokered the sale of two convenience store properties located in Louisiana and Georgia. Jeff Conover, Scott DeYoung and Hunter Steffien of Faris Lee represented the undisclosed seller in both transactions, which totaled $8.2 million. Dispositions include a single-tenant property occupied by Murphy Oil under a 20-year, absolute, triple-net ground lease at the intersection of Airline Highway and Old Hammond Highway in Baton Rouge, Louisiana; and a single-tenant property occupied by QuikTrip under a 15-year, absolute, triple-net lease in McDonough, …
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Faris Lee Negotiates $27.1 Million Sale of Santee Town Center Retail Property in Suburban San Diego
Santee, Calif. — Faris Lee Investments has arranged the $27.1 million sale of Santee Town Center, a shopping center in the San Diego suburb of Santee. Brixton Capital acquired the property from a Los Angeles-based private family office. Sean Cox and Alex Moore, Don MacLellan and Gene Ventura of Faris Lee represented the buyer and seller in the deal. At the time of sale, the 106,903-square-foot retail center was fully leased to tenants including Ross Dress for Less, Dollar Tree and Michaels.
Stan Johnson Company: Net Lease Retail — Investment Opportunities in the Face of Changing Market Conditions
Where are the opportunities in today’s single tenant net lease (STNL) market? The ever-changing nature of today’s retail environment has placed an emphasis on finding the best properties, while compressed cap rates and rising interest rates have created obstacles for investors looking for yield. Rent increases, tenant types, lease timelines and risk tolerance are all on the minds of established investors in the market as well as those looking to enter the arena for the first time. Regarding the new tenant entries to the net lease market, Curtis Hodges, senior vice …
Taylor Street: Net Lease Opportunities: STNL Deals, Multi-Tenant Outlook, 1031 Exchange Landscape
Where does net lease stand at the moment? As cap rates compress for single tenant net lease (STNL) deals, investors are expanding their outlooks to find retail opportunities. Multi-tenant centers, particularly three-to-five-tenant strip centers, are the property types currently appealing to Jake Baratz, sales manager & vice president of retail at Taylor Street. These traditionally second-tier net lease options are now garnering a second glance from STNL buyers and 1031 exchange buyers, especially for assets with strong tenants, long-term leases and good cashflow. Baratz sees increasing numbers of 1031 buyers …
Pylot™: Digital Platform Streamlines Commercial Real Estate Marketing
Commercial real estate retail marketers today must navigate an increasingly complex marketing landscape. How can they identify the right tools and technologies necessary to scale their marketing presence efficiently across locations? Many people talk a good game about the benefits of integrated marketing technology ecosystems. When done right, the approach can improve operating efficiencies, enhance the customer experience, strengthen tenant relationships and potentially raise the value of properties. But when the rubber meets the road, implementing the right commercial real estate digital marketing strategy and technologies to achieve these goals …
Moreno Valley Fosters Business Success
The City of Moreno Valley is located in Southern California in the Inland Empire, one of the fastest growing regions in the United States. The residence of over 217,000 people and growing by 3.5 percent every year, the city is home to both Fortune 500 and international companies. With 4,500 businesses in Moreno Valley, the city is courting restaurant and hospitality companies, as well as using its unique incentive programs to further encourage growth. The City of Moreno Valley knows that time is money, so their business concierge service helps …
Faris Lee: Retail Presents Attractive Opportunities Post-Pandemic
Multifamily and industrial may be the hottest product types for investors in today’s current market, but Jeff Conover and Shaun Riley, managing principals at Irvine, Calif.-based Faris Lee Investments, believe retail presents the optimum opportunity for achieving strong cash-on-cash yields for investors. “It comes down to one thing,” explains Conover. “Higher yield.” Triple-net leases also mean expenses get passed down to the tenant. Speaking of tenants, Riley notes that tenant rosters are stronger than ever nowadays. The pandemic culled the herd a bit, so to speak, but the tenants who …
Temecula, Calif. — Faris Lee Investments has negotiated the sale of a value-add shopping center located at 32881-32965 Temecula Parkway in Temecula. Centers Dynamic Partners and United Growth acquired the property from Vail Commercial for $19.7 million. Best Buy and Fitness 19 are tenants at the 70,418-square-foot shopping center, which is situated on 7.6 acres. Joe Chichester and Matt Brooks of Faris Lee Investments represented the buyer in the transaction.
Tempe, Ariz. — Faris Lee Investments has arranged the sale of Costco Plaza, a 237,000-square-foot shopping center shadow-anchored by Costco at the southeast corner of Elliot Road and Priest Drive in Tempe. A Southern California-based private investor sold the property to a Southern California-based developer for $27.8 million. MacLellan of Faris Lee Investments represented the seller in the transaction.
Turlock, Calif. — Faris Lee Investments has brokered the sale of Turlock Town Center, a community retail center located at 503-795 N. Golden State Blvd. in Turlock. A California-based developer sold the property to an undisclosed buyer in a 1031 exchange for $37.4 million. Don MacLellan of Faris Lee Investments represented the seller and procured the buyer in the deal. Situated on 8.4 acres, Turlock Town Center features 144,364 square feet of retail space. At the time of sale, the property was fully leased to 29 in-line tenants and five …