IRVINE, Calif., September 22, 2016 – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $3.51 million sale of a 7,096-square-foot retail property in Elk Grove, Calif. The property includes a single-tenant freestanding restaurant building that is NNN-leased to Chicago Fire Pizza, one of the Sacramento region’s top pizza restaurants.
Jeff Conover and Thomas Chichester with Faris Lee Investments represented the seller, EGB Elk Grove, LLC. The buyer, Berkeland Family Revocable Living Trust, was represented by Matthews Retail Advisors. The closing cap rate was 6.5 percent.
“Faris Lee aggressively marketed this property and received a total of 15 offers with multiple backup offers,” said Chichester. “We identified a strong, all-cash buyer that was in a 1031 exchange and closed escrow in just 16 days.”
Chichester added that the tenant recently signed a new 15-year lease with extension options, providing the buyer with stable income and limited landlord responsibilities.
Built in 2005 and renovated in 2015, the property is situated on 1.47 acres at 7101 Laguna Blvd. and is adjacent to the 442,000-square-foot Laguna Crossroads Center which includes Target, Orchard Supply Hardware, and Steinmart. The property is also within a strong retail corridor with other retailer brands including The Home Depot, T.J. Maxx, BevMo, PetSmart, and Best Buy. It is within an area with more than 292,000 consumers within a 5-mile radius.
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.