Magnolia, TX - February 14, 2024 - Faris Lee Investments, a leading commercial investment firm, facilitated the sale of Windcrest Village Center in Magnolia, Texas. The transaction was led by Don MacLellan and Jeff Conover, managing principals at Faris Lee Investments, who exclusively represented a Southern California 1031 client targeting Texas based on strength of economy and lack of state income tax.
Windcrest Village Center, a 14,907 square-foot strip center on 2.5 acres of land, completed construction in 2023 and is fully leased to strong national / regional retailers. The property is strategically located near high-end residential developments, including Lake Windcrest and Thousand Oaks.
The transaction closed at a 7.25% cap rate, with a price of $359 per square foot, resulting in a closing price of $5,350,000. The property's appeal lies in its modern construction, affluent high growth demographic, and 100% occupancy with strong national / regional daily needs tenant mix.
Jeff Conover, Managing Principal at Faris Lee Investments, said, "We are pleased to have executed the sale on behalf of our exclusive 1031 buyer representation. This successful 1031 exchange sale demonstrates the strength of our team and our commitment to delivering optimal results for our clients."
Don Maclellan, also a Managing Principal at Faris Lee Investments, added, "The Windcrest Village Center presented an excellent investment opportunity for our client, and we are pleased to have played a pivotal role in facilitating this transaction. This sale underscores our ability to identify and secure high-quality investment opportunities in strategic locations."
About Faris Lee Investments:
Faris Lee Investments is a leading national retail investment 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