IRVINE, Calif., June 20, 2017 – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the nearly $2.38 million sale of Pueblo West Retail Center, a 13,000-square-foot, strip center property in Pueblo West, CO. The triple-net leased asset is fully occupied by eight tenants including Little Caesars, Jackson-Hewitt, Fantastic Sam’s, and Sally Beauty Supply. The property is shadow-anchored by the only Walmart Supercenter within the city.
Tom Chichester, managing director with Faris Lee Investments represented the buyer, a private investor from San Clemente, Calif. The seller, a private investor from San Diego, was represented by CBRE. The closing cap rate was 8.38 percent.
“My California-based client was pleased we identified this fully stabilized asset with a favorable cap rate fronting a busy Walmart Supercenter,” said Chichester. “This type of opportunity just isn’t available in key California markets and it often makes sense to seek opportunities in growing, out-of-state areas.”
Built in 2006 and situated on a 1.1-acre parcel, the property is located at 74 North McCulloch Blvd. at a signalized intersection at U.S. Route 50 and North McCulloch Blvd., which sees approximately 24,500 vehicles per day. Pueblo West is Southern Colorado’s fastest growing community.
About Faris Lee Investments: Faris Lee Investments is a 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. Cumulatively, Faris Lee’s leadership has been involved in more than $20 billion of transactions. Faris Lee’s senior advisors are skilled in disposition and acquisition strategies, asset positioning and valuation, marketing, debt and equity structuring, strategic workout and REO solutions and execution. For more information, visit www.farislee.com.