Dalton, GA — September 23, 2024 — Faris Lee Investments, a boutique retail advisory firm focus on investment sales through the United States, proudly announces the successful sale of a free-standing, drive-thru pad building containing a Starbucks & AFC Urgent Care property in Dalton, Georgia. The property was sold for $4.7 million, reflecting a cap rate of 6.11%.
Scott DeYoung, Senior Managing Director; Jeff Conover and Don MacLellan, Managing Principals; and Greg Lukosky, Director at Faris Lee Investments, represented the seller in this transaction. The buyer was a private 1031 investor based in Georgia.
The two-tenant building with a drive-thru was recently constructed in 2023 and located prominently at the entrance to the Dalton Square grocery anchored shopping center. Dalton Square is anchored by Food City, Ross Dress for Less, ULTA Beauty, and PetSmart. The property’s sale is a noteworthy achievement given the current interest rate environment and high supply of Starbucks properties on the market. The transaction was completed within a 75-day escrow period that included financing.
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
Media Coverage: https://shoppingcenterbusiness.com/faris-lee-arranges-4-7-million-sale-of-retail-pad-building-in-dalton-georgia/