Harlingen, Texas – September 11, 2024 – Faris Lee Investments, a leading national retail investment firm, has successfully closed the sale of Ollie’s Bargain Outlet and Urban Air Adventure Park- an anchor to the Valle Vista Mall in Harlingen, Texas, in a transaction valued at $7.1 million. Managing Principals Don MacLellan, and Jeff Conover, as well as Senior Managing Director Scott DeYoung represented the seller, achieving targeted pricing and securing a 1031 exchange investor familiar with the Rio Grande Area. The Faris Lee team was able to facilitate a quick escrow & close to meet the 1031 time frame.
Ollie’s Bargain Outlet, a major retailer of closeout merchandise with a $4.57 billion market cap, reported $2.103 billion in net sales in 2023, marking a 15.1% increase. Founded in 1982, Ollie’s operates over 500 stores nationwide.
Urban Air Adventure Park, headquartered in Texas, is the largest operator in its sector with over 350 global locations and $500 million in 2022 revenue.
Both properties feature long-term leases with scheduled rental increases, ensuring stable cash flow and protection against inflation. Situated in Harlingen’s retail hub near major retailers like Walmart, Target, Bass Pro (the RGV’s only location), and Kohl’s, and with proximity to key highways, they benefit from substantial economic activity.
Faris Lee Investments strategically marketed the properties, highlighting their adjacency to Vista Valle Mall and prime location at the junction of Interstate Highway 69 E (70,741 VPD) and Interstate Highway 2 (71,643 VPD). The properties were priced attractively below replacement cost, offering above-market yields to investors seeking stable returns in a vibrant retail environment.
About Faris Lee Investments:
Faris Lee Investments is one of the leading retail investments firms in the US and is one of the original firms specializing in retail investment sales throughout the country. Faris Lee combines underwriting and market research that exceeds industry standards with a custom strategy to maximize values for their clients’ .The firm also serves as high level investment advisors in the areas of dispositions, acquisitions & recapitalizations as well as, distressed asset disposition, portfolio sales, and corporate sale-leaseback. For more information, visit www.farislee.com