Irvine, CA – (July 12, 2021) – Faris Lee Investments, a leading retail advisory, and investment sales firm, has arranged the $7.25M sale of a single tenant absolute triple net 48,239 square foot Albertsons in Baker City, OR. The Tenant had approximately 15-years remaining on the lease with 2% annual rental increases throughout the primary term and 6 (5-year) option periods.
Chris DePierro, managing director, Jeff Conover, senior managing director, and Scott DeYoung, managing director at Faris Lee Investments represented the Orange-County based seller in this transaction.
Adjacent to the I-84, the main north/south corridor in the state of Oregon, this Albertsons is the largest full-service grocery store in the area. Other national tenants at this intersection include McDonald’s, Safeway, Rite Aid, Bi-Mart, Shell, and Subway.
Albertsons is the nation’s second-largest supermarket operator and was nominated “Retailer of the Year” for 2020 by Supermarket News. In the last year, it has gone public, spurring growth and innovation in strategic areas such as e-commerce and private brands, and refreshed its store base, among other initiatives. As a result, it improved customer loyalty, financial performance, and witnessed market share gains.
“Despite the tertiary market and the aggressive 5.25% listing cap, Faris Lee focused on the strength of the tenant coupled with the long-term absolute net lease bringing stability and security for an investor in a challenging market,” said DePierro
Faris Lee targeted Pacific Northwest & Mountain state buyers and sourced an agricultural investor from the neighboring state of Idaho. The transaction closed all cash at a 5.33% cap.
“This asset was a perfect fit for the buyer because of their familiarity with small town tertiary markets,” said Conover
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 and sophisticated financing experts 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, capital markets, and investment sales to maximize value for clients.
For more information, visit www.farislee.com