Irvine, CA – (March 17, 2021) – Faris Lee Investments, a leading retail advisory, and investment sales firm arranges the $1.82M sale of an AutoZone ground lease in Taylorsville, UT, located on the major east-west thoroughfare( 5400 S ) with over 43,000 VPD. This freestanding property provided a rare opportunity to acquire a brand new 20-year ground lease acquisition opportunity with an essential investment-grade tenant.
Don MacLellan, Senior Managing Partner, and Tom Chichester, Managing Director represented the seller in the transaction, a private equity fund out of Dallas Texas.
This property is part of The Crossroads at Taylorsville, one of the most dynamic community centers in the trade area. It is co-anchored by a newly opened Target, Regal Cinemas, T.J. Maxx, Ross Dress for Less, PetSmart, Dollar Tree, and Harmons Grocery. Additional tenants within the center include Burger King, Panda Express, Carl’s Jr., Chase Bank, Blaze Pizza, Café Rio, and Apollo Burger among many others.
“The demand for long term credit net lease investments has significantly increased during the pandemic as investors including 1031 requirements look for long-term and ease of management investments. As a result, we were able to generate significant offer activity, including several at asking price, “said Don MacLellan.
Faris Lee’s marketing strategy focused on the strength of the tenant considered essential during the pandemic and targeted 1031 buyers all over the Western US and specifically California, which traditionally has the highest 1031 activity.
“This AutoZone Ground Lease sold for a 4.00% cap rate with 20 years remaining on the lease,” said Tom Chichester. “The buyer was in a 1031 exchange and closed all cash at the asking price.”
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.