Corona, CA – Faris Lee Investments, a leading national retail investment firm, has successfully closed the $5.2 million sale of Crunch Fitness, a single-tenant retail property located in Corona, California. The transaction was completed in an impressive 23-day escrow period with an all-cash buyer and a due diligence period of just 17 days, underscoring the firm's ability to generate swift and efficient results in a challenging retail environment.
The property was previously on the market for over three years with another brokerage company. Faris Lee Investments was presented a number of complexities in overcoming the challenges associated with the property. The shorter-term lease to a fitness operator was one of the objections Faris Lee Investments was prepared to address. Additionally, the declarant/ management responsibilities which came with this parcel were unusual characteristics of a single tenant net leased investment offering.
Sr. Managing Director Scott DeYoung, Managing Principals Shaun Riley & Jeff Conover, and Director Greg Lukosky focused on targeting a buyer pool seeking single tenant net leased investments exclusively in Southern California and were able to generate multiple offers within a short time period. Marketing the offering as part of a Stater Bros anchored shopping center was instrumental in generating the high level of offer activity.
Due to the aggressive marketing strategy and proactive forwarding of due diligence materials, multiple offers were generated, ultimately leading to a sale above asking price. The team successfully navigated declarant responsibilities and center management negotiations during escrow to ensure a smooth close with a passive investor.
About Faris Lee Investments:
Faris Lee Investments is one of the nation’s leading retail investment advisory firms, and among the first to operate under a unified, team-oriented platform. The company combines advanced underwriting, market research, and creative marketing strategies designed to maximize client value. Faris Lee provides advisory services across dispositions, acquisitions, recapitalizations, distressed asset resolutions, portfolio sales, and corporate sale-leaseback transactions.
For more information, visit www.farislee.com