Faris Lee Arranges $1.8 Million Sale of Autozone Ground Lease in Taylorsville, Utah

by Julia Sanders

Taylorsville, Utah — Faris Lee Investments has arranged the $1.8 million sale of an Autozone ground lease in Taylorsville. Don MacLellan and Tom Chichester of Faris Lee Investments represented the seller in the transaction, a private equity fund out of Dallas. The AutoZone ground lease sold for a 4 percent cap rate with 20 years remaining on the lease. The buyer was in a 1031 exchange and closed with all cash at asking price.

The Autozone property is part of The Crossroads at Taylorsville, a community center that is co-anchored by a newly opened Target, Regal Cinemas, T.J. Maxx, Ross Dress for Less, PetSmart, Dollar Tree and Harmons Grocery. Additional tenants within the center include Burger King, Panda Express, Carl’s Jr., Chase Bank, Blaze Pizza, Café Rio and Apollo Burger, among others.

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