Irvine, Calif. — Faris Lee handles sales transactions of three properties tenanted by CVS, Ruby Tuesday and Family Dollar.
Irvine, Calif. — Faris Lee Investments has sold three single-tenant retail deals in the Southeast. A CVS/pharmacy in Charlotte, N.C., sold for $5.5 million. Faris Lee also sold a Ruby Tuesday restaurant property in Jacksonville, Fla., for $2.3 million and a Family Dollar property in Ravenel, S.C., for $1.195 million.
Faris Lee’s Matt Mousavi and Rich Berlinghof represented the seller, North Carolina-based KM Pharmacy Investors, LLC, in the CVS transaction, while Colliers International represented the buyer, California-based Kerley-Capital Expressway LP. The 12,900-square-foot store closed escrow in 21 days, and is located along Mt. Holly-Huntersville Rd., in Charlotte.
Matt Mousavi and Rich Walter of Faris Lee represented Ruby Tuesday in the sale of its Jacksonville restaurant located on Hospitality Lane. The unit was built in 2002 and sold to New Jersey-based Schiff Enterprises in an all cash transaction. According to CoStar, this deal has the lowest cap rate for a non-fast food restaurant in Duval County since April 2008.
Faris Lee’s Matt Mousavi and Richard Berlinghof also represented Ravenel FD2737 in the sale of its Family Dollar location in Ravenel, S.C. A private investor from Virginia, represented by Long & Foster, acquire the property at an 8.25 percent cap rate.