Irvine, CA – February 3, 2022 - The 4.63 percent cap rate average is one of the lowest for an Albertsons/Safeway in the west region over the past 3 years

IRVINE, Calif., February 3, 2022 – Faris Lee Investments, a leading retail advisory and investment sales firm has completed the $22.40 million sale of 2 single tenant Albertsons/Safeway totaling 106,254 square feet in Henderson, NV and Millwood, WA. The 2 separate transactions' average cap rate of 4.63% is the lowest for single-tenant Albertsons/Safeway-occupied properties in the western region per CoStar records.

Jeff Conover, Managing Principal at Faris Lee Investments & Scott DeYoung, Sr. Managing Director at Faris Lee Investments matched up & represented the two separate 1031 Exchange Buyers on behalf of the seller, a family private office from Southern California.

The first property is an absolute triple net lease to Albertsons with 14-years of term remaining located in Henderson, NV. The 58,254 square-foot store is the anchor to a neighborhood shopping center at the signalized intersection of N. Boulder Highway and E. Lake Mead Parkway, one of the busiest intersections in the trade area with 63,000 vehicles per day.
Faris Lee targeted 1031 exchange buyers across the US, generated multiple offers, and closed at a 4.77% cap rate with a Los Angeles based Buyer.

The second property is a 48,000 square-foot free-standing Albertsons, which became a converted Safeway with 18 years terms remaining located in Millwood, WA. The transaction closed with a 1031 Exchange buyer from the Northern California Bay Area at a 4.50% cap rate.

“These two properties generated exceptional interest given the strength of the tenant, long-term leases, and the secure & stable nature of the investments,” said Conover. “Furthermore, we were able to assist both Buyers with difficult Conduit loan assumptions with Midland Loan Services as the Special Servicer.
This was the Third STNL Albertsons sold by Conover & DeYoung in the past 6 months.

About Faris Lee Investments: Faris Lee Investments is a national leading retail advisory and investment sales firm. The company’s high-level retail investment advisors develop forward-thinking strategies for all retail acquisitions and dispositions and guide clients through complex transactions. Through its recent strategic affiliation with X-Team Retail Advisors, a nationwide partnership of seasoned retail leasing experts, Faris Lee offers a fully integrated platform with disciplined expertise in landlord leasing, tenant representation, and investment sales to maximize value for clients.

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