Moreno Valley, CA - January 26, 2022 - Faris Lee Investments has arranged the $3.55 million acquisition of a triple net leased Fitness 19, in Moreno Valley, CA. Faris Lee Investments represented an Orange County-based private investor in their first-ever purchase of a single tenant net leased investment.
The property, located within a high-quality fitness and drug-anchored neighborhood center within the ever expanding Inland Empire market, presented a low management and stable cash flowing investment with long-term stability.
Faris Lee Investments targeted Southern California single tenant net leased properties and evaluated tenant financials to create added comfort for the first-time retail buyer. The team sourced a high-yielding 6.85% cap single tenant opportunity meeting the buyer's acquisition requirements. Escrow closed in 60 days, including financing contingency, and closed 75 basis points off the initial asking 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 standard 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.