IRVINE, Calif., May 2, 2022 - Faris Lee Investments, a leading retail advisory, and investment sales firm arranges the $6.6 million sale of Country Squire Shopping Center, a 27,315 square foot, 100% occupied, three building center leased to Walgreens, Surf Thru Express Car Wash, and Multi-Tenant Shops in Fresno, CA.
Sean Cox and Alex Moore, Directors, and Shaun Riley, Managing Principal, at Faris Lee Investments represented the seller, a local Fresno investor, and the buyer, a Riverside-based private investor in a 1031 exchange.
The fully occupied property, located at 4172, 4140, 4182 N. First St, sits on a large 4.3 acre parcel at a high trafficked signalized intersection. Both anchor tenants had long-term ground leases with rental increases providing investors with a growing cash flow and a hedge against inflation. The Center also had two undeveloped land pads on separate parcels providing the opportunity to ground lease or build to suit for tenants to increase the net operating income.
Faris Lee's marketing strategy focused on the intrinsic value of the real estate, quality tenants, low price per square foot, and the flexibility of the six separate parcels to add value long term. The team highlighted the center’s prime dense retail corridor location on a high trafficked street within infill Fresno.
“Investors were drawn to this asset because of the safety of the long term leases to quality credit tenants, coupled with the ability to add value over the long term in developing the additional two pads” said Sean Cox.
Faris Lee heavily targeted private investors in large 1031 exchanges resulting in several offers through the marketing period. The transaction closed with an All-Cash 1031 exchange buyer with a 15-day due diligence period.
“A large reason for our 10 offers and high level of activity on this investment was a result of our robust database of active central valley investors that has been created from our high sales volume in the region recently” said Alex Moore.
Faris Lee has been the #1 leading retail investment sale broker throughout the central valley over the past 14 months, with over $112 million in total sales volume in the region.
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.