IRVINE, Calif. - April 4, 2022 - Faris Lee Investments, a leading retail advisory, and investment sales firm has completed the 27.8 million sale of Costco Plaza a 237,000 SF shadow anchored Costco center located at the southeast corner of Elliot Rd. and Priest Dr., in Tempe, Arizona.
Don MacLellan, Managing Principal at Faris Lee Investments, represented the seller a southern California-based private investor, and procured a buyer, a developer from southern California.
Costco Plaza is located at a high trafficked intersection of Priest Dr and Elliot Rd, half a mile east of the I-10, with nearby tenants including Walmart, LA Fitness, PetSmart, Ross, Dollar Tree, and Floor & Décor.
“Costco Plaza presented a unique opportunity to acquire an 80% leased center with future upside potential,” says Don MacLellan. “We were instrumental in implementing a lease-up strategy as well as structuring a break-up strategy of the 5 pads for future sale.”
Faris Lee Investments targeted value add investors, looking to invest in a dynamic trade area of Tempe, and highlighted the quality of the real estate, its location, and the strong tenant lineup at the intersection.
The team was able to close within the seller’s required closing time frame at the contract price.
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
Media Coverage: https://rebusinessonline.com/faris-lee-investments-brokers-27-8m-sale-of-costco-plaza-retail-center-in-tempe/