IRVINE, Calif - September 22, 2022 - Faris Lee Investments, a leading retail advisory, and investment sales firm arranges the $10.250 million sale of a community center with 4 essential national credit tenants consisting of Hobby Lobby, ULTA, Harbor Freight, and Shoe Show in Gillette, WY. The transaction presented an opportunity to acquire new corporate executed, long term 10-year leases with new store facades and interior buildouts.
The investment priced well below replacement cost at $120 per square foot, presented an opportunity for an investor to acquire a center with a strong national tenant lineup in the best location in the trade area.
In their marketing strategy, the listing team highlighted the excellent intrinsic value of the real estate as well as the national credit retailers. They targeted 1031 exchange buyers in the Mountain States region of the US. After generating multiple offers, the team closed at $10.25 million which represented 91% of the listing price.
About Faris Lee Investments: Faris Lee Investments is a retail brokerage advisory firm founded in 1996 and is based in Irvine, California. The firm specializes in commercial real estate investment sales, brokerage, and advisory services. In addition, the firm provides a national marketing platform of properties for sale, asset appraisal, property valuation, debt structuring, negotiation, market research, and analysis services. Faris Lee combines underwriting and research that exceeds industry standards with a marketing strategy to transform investment potential, enhance value and provide their clients the competitive advantage needed when making investment decisions. The firm also serves as institutional advisors in the areas of acquisitions and dispositions, merchant banking, distressed asset disposition, private equity, and corporate sale-leaseback. For more information, visit www.farislee.com