Faris Lee Arranges $11.1 Million Sale of Two Walgreens-Leased Properties

by Alex Tostado

Lake Worth, Texas and Tooele, Utah — Faris Lee Investments has arranged the sale of two Walgreens-leased properties for a total of $11.1 million. The first property is a 13,548-square-foot Walgreens located at 6244 Lake Worth Blvd., 40 miles west of downtown Dallas. Walgreens recently signed a new triple net lease, featuring a 15-year term with 12 five-year renewal options. The lease also has a 5 percent rent increase every five years for the duration of the initial term.

The second property, a 14,762-square-foot Walgreens situated at 188 N. Main St., is 34 miles southwest of downtown Salt Lake City. Walgreens also executed a new lease similar to the one in Lake Worth. Shaun Riley and Nick Miller of Faris Lee Investments represented the buyer, a Southern California-based private investor. Brian Pfohl of CBRE represented the undisclosed seller.

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