Viera, Fla. – The firm selected a private, non-1031 exchange and all-cash investor who went non-contingent prior to the tenant opening its doors.
In 2013, Faris Lee completed a $6.1 million sale of a property occupied by Total Wine & More within the same center, and is currently under contract on other portions of the project.Viera, Fla. – Faris Lee Investments has completed the $10 million pre-sale of a new-construction 46,000-square-foot retail building that is recently fully occupied by TJ Maxx and HomeGoods. The 3.88-acre property in Viera, located 54 miles southeast of Orlando, has a 10-year corporate guaranteed lease by The TJX Companies Inc., the parent company of TJ Maxx and HomeGoods. Matthew Mousavi and Patrick Luther of Faris Lee represented the all-cash buyer, a private investor based in south Florida. Mousavi and Luther also represented the seller, a Florida-based developer. The closing cap rate was 6.2 percent. The property is is adjacent to the 525,000-square-foot Avenue shopping center, which includes Sports Authority, Kohl’s and Michaels, and is near the 336,000-square-foot Shoppes at Lake Andrew shopping center, which is anchored by a Walmart Supercenter.
— Scott Reid