Irvine, CA - February 8, 2022 - Faris Lee Investments arranged the $4.44 million pre-sale of brand new The Learning Experience in the affluent suburb of Memphis, Tennessee. The property sold at a record-breaking low cap for this tenant outside of California.
Faris Lee Investments represented the seller and the buyer in the transaction. The seller is the owner of two The Learning Experience for sale. The buyer, from South Carolina, was in a 1031 exchange and agreed to go hard on a $20,000 deposit at the execution of the PSA.
The Property is located at 3750 Forest Hill Irene Rd. in Germantown, Tennessee. The Learning Experience had a brand new 15-year on their triple net fee simple lease which provided stability and security for an investor with minimal management responsibility. The other property was listed with a different listing agent.
Faris Lee Investments targeted 1031 exchange buyers, looking to invest in Tennessee, and highlighted the brand success, the growth of the trade area, and the real estate fundamentals of the property.
The team generated multiple offers in the first couple of weeks of the marketing period and closed shortly after the Grand Opening and before the competing property had gone under contract. As a result, the client gave the listing to Faris Lee Investments.