Irvine, CA – (April 15, 2021) - Faris Lee Investments, a leading retail advisory, and investment sales firm, has arranged the $7.15M sale of a 52,944 square feet 2-tenant Smart & Final Extra! And Ashley Homestore in Bullhead, AZ, one of the fastest-growing communities in the trade area. This was the 5th investment sale by Faris Lee Investments in Bullhead City, Arizona in the last 4 years.
Chris DePierro, managing director at Faris Lee Investments represented the seller in this transaction.
The tenants are part of the City Square Shopping Center located along the Mohave Valley Highway and State Highway 95. The property is directly across the street from Mohave High School, Bullhead City Civic Center, and the planned Civic Center Park, and Events Center. It is adjacent to Mad Dog Fitness (NAP) and Hobby Lobby (NAP). Also nearby are national tenants like Walmart Supercenter, Target, Safeway, Sam’s Club, Home Depot, and Lowe’s.
“Because of City Square’s dynamic and strategic location in the trade area, Smart & Final chose to relocate and open their newest prototype store in the center,” said DePierro. “Ashley Furniture also chose this location to benefit from the regional draw of the shopping center.”
Faris Lee's marketing targeted local and national investors, Southern California 1031 buyers, private investors, and brokers through the company’s proprietary database. Faris Lee identified a buyer in a 1031 exchange, and was instrumental in guiding the buyer through the complex CMBS loan assumption approval process that resulted in the Buyer closing the transaction within their 1031 deadline timeframe.
“This asset was a perfect fit for this California based buyer as they own other properties in Arizona. They were comfortable with the tenants which both were performing well during COVID,” said DePierro
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