Irvine, CA - Faris Lee Investments has arranged the ALL-CASH $6.61 million acquisition of 7-tenant, fully occupied, strip center in the growing area of Middleburg, FL.
Jeff Conover, Senior Managing Director at Faris Lee Investments & Scott DeYoung, Managing Director at Faris Lee Investments represented the Buyer, a longtime client of the firm & 1031 exchange buyer from the mid-west in the transaction.
Branan Field Walk is located at 1803 & 1805 Blanding Boulevard and is situated directly off the intersection of Blanding Blvd & the First Coast Expressway (FCE), the new Belt Loop, which when completed will connect Middleburg to downtown Jacksonville, creating dynamic growth over the next 30 years. The subject property is located across major national tenants including Walmart, Home Depot, and Lowe’s.
The property presented an opportunity to acquire a newly constructed, triple net leased property with long-term leases to both local & national tenants in a tax-free state, which comprised of two fully leased multi-tenant retail buildings totaling 14,551 square feet.
“The buildings are located in a very desirable growing location,” says Jeff Conover. “The new belt Loop FCE connecting the trade area to downtown Jacksonville will create thousands of new residents & consumers for the property which was very attractive for our buyer. “We were able to win the deal with an all-cash, quick look & quick close offer, resulting in a favorable outcome for our all parties.”
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