Tulare, CA – October 16, 2024 - Faris Lee Investments is pleased to announce the successful sale of the Tulare Pavilion Shopping Center, a prime retail investment property located in the heart of Tulare, California. The property, which features leading national retailers Dollar Tree, Harbor Freight Tools, and Big Lots, was sold for $6,000,000.
The Tulare Pavilion is situated at a dominant retail intersection, boasting excellent visibility and accessibility. This location is strategically positioned near the highly successful Tulare Outlet Center, which attracts over 4 million annual visitors. The diverse mix of strong co-tenants in the area further enhances the property’s desirability as an investment.
This investment is particularly attractive due to its below-market rents, ranging from $7.15 to $9.00 per square foot, significantly lower than replacement costs of $119 per square foot. With corporate-backed, long-term NNN leases in place, the property offers ease of management and stable income potential for investors.
Despite challenges during the marketing phase, including significant store closures announced by Big Lots, Faris Lee Investments successfully procured an all-cash buyer. Notably, the Big Lots store was not on any closure list, demonstrating its profitability and resilience amidst industry shifts.
"This transaction exceeded our seller's expectations," said Don MacLellan, Managing Principal at Faris Lee Investments. "By effectively communicating the strength of the property and focusing on all-cash 1031 investors, we were able to navigate potential obstacles and close the deal successfully." Jeff Conover, Managing Principal at Faris Lee Investments, added, "Our strategic approach made all the difference in this transaction."
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-brokers-6-million-sale-of-shopping-center-in-tulare-california/