Irvine - May 6, 2022 - Faris Lee Investments is pleased to announce the recent sale of a multi-tenant pad in San Angelo, TX. This outparcel property presented a unique opportunity to acquire a fee simple asset with a drive-thru, NNN leases, and nationally branded tenants in a burgeoning market within the state of Texas.
The team focused marketing efforts around the fantastic real estate fundamentals that support this property. The tenants Starbucks, Crumbl Cookie, and Stanton Optical all benefit from the retail synergy the Walmart Supercenter, Lowe’s, and Sam’s Club provide to the immediate trade area. This submarket has experienced immense growth through new/upcoming residential and retail developments. Faris Lee Investments specifically targeted west coast 1031 exchange buyers and Starbucks owners across the U.S.
Because of a great tenant lineup, minimal management responsibilities and two corporate guarantees, the 1031 exchange-motivated Buyer was able to satisfy their requirement and bolster their retail portfolio within the state of Texas. As it stands, this sale resulted in 2nd lowest cap rate ever for any multi-tenant Starbucks property in Texas (Per CoStar).
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