IRVINE, Calif., June 17, 2022 - Faris Lee Investments, a leading retail advisory, and investment sales firm arranges the $10.85 million sale of a 26,237 square foot single-tenant building leased to Smart & Final in Bakersfield, CA
Sean Cox and Alex Moore, Directors at Faris Lee Investments represented the Seller, a Southern California based private investor.
The property, located at 1725 Golden State Ave, the main thoroughfare between highway 99 and highway 178, sits at a highly visible and high traffic 53,000 car per day intersection. Smart & Final had a long term absolute triple net lease with rental increases providing investors long term stability, a growing cash flow, a hedge against inflation, and zero landlord responsibilities.
Faris Lee's marketing strategy focused on the quality credit of the tenant, long-term occupancy, and strong historical sales. The team highlighted the center’s prime location on a high trafficked street within Bakersfield.
“Since the beginning of the COVID pandemic we have seen a large increase in net-lease investor demand for strong credit grocery stores and other essential business tenants.” said Alex Moore.
Faris Lee targeted private investors in large 1031 exchanges resulting in several offers through the off-market bidding process. The transaction closed with a 1031 exchange apartment buyer based in Southern California.
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.
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