Faris Lee Investments Arranges the Sale of a New Concept Double Drive-Thru Strip Center In Appleton, WI

Irvine, CA – March 21, 2022 - Faris Lee Investments has arranged the $4.825 million sale of a 28,125 square foot strip center, Eisenhower Crossing, in the affluent trade area of Appleton, WI. This transaction completes the latter half of the disposition plan created by Faris Lee Investments for the seller, with the preceding sale of the adjacent day care center, Children of America, for $2.05M in 2021.
Matt Brooks and Joe Chichester, Managing Directors at Faris Lee Investments represented the seller, Excel Properties, LLC, a Wisconsin-based developer/investor, and procured a 1031 exchange buyer from California looking for a high yield investment.
Eisenhower Crossing, located at N162 Eisenhower Drive, sits at the intersection of Springfield Drive and Eisenhower Drive, the commercial core of Appleton. The property is comprised of a mix of national and regional businesses with internet-resistant concepts, providing the asset long term security. It is surrounded by national retailers, including Walmart, Tractor Supply, HomeGoods, Starbucks, Chipotle, Dunkin, and Panda Express.
With two endcap drive-thrus, the center reflected one of the latest prototypes for the evolving nature of retail properties. The anchor, Sola Salon Studios, is a studio suite concept with over 500 locations across the country. Sola Salons has never recorded a closure across their system due to a business model that mitigates risk and ensures long term tenancy.
The property presented an opportunity to acquire a high yield investment property with increasing cash flow through annual rent increases, providing a hedge against inflation. All tenants are on long-term triple net leases providing ease of management to the buyer.
Faris Lee's marketing strategy targeted 1031 exchange buyers and West Coast investors looking for additional yield in the Midwest. The selected buyer financed the transaction with a local Wisconsin bank that closed without a Phase I, SNDAs, Estoppels, while featuring a loan with 75% LTV. The transaction closed early at 97.5% of the list price due to an efficient and transparent due diligence process.
“This is the 4th strip center we’ve sold in the Midwest in the last year,” says Matt Brooks. “The other three were located in Mattoon ($3.735M), Moline ($2.255M), and Gurnee ($4.825M), Illinois. Faris Lee represented the buyer in the transactions. All were drive-thru strip centers located in dynamic trade areas with strong national tenant mixes.”
All transactions closed at market exceeding cap rates, reflecting the growing investor demand for Strip Centers in Wisconsin and Illinois in the last few years.

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

Faris Lee Investments Arranges $4.8M Sale of Retail Strip Center in Appleton, Wisconsin


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