Faris Lee Investments Arranges the $7.70 Million Sale of a 100% Leased Strip Center in Indianapolis, IN

Closing Cap of 6.09% is the lowest in the State of Indiana in 2022 for a strip center over $5M per CoStar records

IRVINE, Calif., – December 13, 2022 - Faris Lee Investments, a leading retail advisory, and investment sales firm, has completed the $7.70 million sale of a 100% leased / 8-tenant 22,968 SF strip center, Fortune Park Shoppes, in Indianapolis, IN.

Jeff Conover, Managing Principal, and Scott DeYoung, Senior Managing Director at Faris Lee Investments represented the seller, a private office group based in the mid-west in the transaction and procured a Southern California-based buyer in a 1031 exchange, represented by Commercial Facilities Inc.

Located on a major retail thoroughfare fronting Michigan Road (44,000 VPD) the subject property included both national tenants (T-Mobile, Great Clips, Sprint, and McAlister’s) and mom & pop local tenants. The pad shops strategically fronts Costco & Embassy Suites & is within close proximity to Walmart, hotels, restaurants, business centers, and banks.

“Having local banking relationships was the key to this sale as we were able to obtain financing while selling the property 100 Bps more aggressive than the market comps during a rising interest rate environment,” said Jeff Conover. “In addition, the buyer was very pleased with the intrinsics of the real estate, the property added to their real estate portfolio throughout the State, and satisfied their 1031 Exchange.

The listing team positioned the asset as a secure & stable investment and they highlighted the low cost per square foot and A+ location. Faris Lee targeted 1031 exchange investors with specific emphasis on West Coast buyers and closed at 99% of the list price with a 6.09% cap rate which is the lowest in the State of Indiana in 2022 for a strip center over $5M per CoStar records. The sale price represented a price per square foot of $335. Financing was secured through First Merchants Bank.

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 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

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