Irvine, CA – December 8, 2021 - Faris Lee Investments has completed the $1.92 million sale of a single tenant net leased Chipotle in Conway, AR. Faris Lee Investments represented the seller in the transaction and located an all-cash 1031 exchange buyer from Southern California.
The Property is located along E. Oak Street, the main retail corridor in Conway, AR. Chipotle had less than 10 years remaining on their fee-simple lease. The property also featured 5 dedicated parking stalls for their Burrito Loading Zone to facilitate quick pickups as part of their mobile app/internet sales program.
Faris Lee Investments targeted 1031 exchange buyers by highlighting the below market rent and that the property is one of only 6 Chipotles in all of Arkansas. The team generated 4 offers in the first week of the marketing period and closed the transaction a week early due to a streamlined and efficient due diligence process.
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.