IRVINE, Calif., February 19, 2016 – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $4.08 million sale of a newly developed 7,400-square-foot, two-tenant retail property triple net-leased by Sleep Number and Stanton Optical in Columbia, South Carolina. Both tenants have new, 10-year corporate-backed leases in place with scheduled renewal options.
Matthew Mousavi and Patrick Luther of Faris Lee Investments represented the seller, a private development based in South Carolina. The buyer was a private family trust from New Jersey. The property sold at more than $550 per square foot, one of the highest on record for Columbia.
Completed in 2015, the new retail property is situated on .51 acres at 189 Harbison Blvd. It is located on one of the main retail corridors in the market, and was marketed prior to completion of construction.
“We received a strong amount of interest from a buyer with the majority of offers being from California,” said Mousavi. “Opportunities to own newly built properties featuring corporate-backed tenants on long-term leases in growing markets are rare.”
Situated on Harbison Blvd., the property is within a major East-West shopping corridor, featuring in excess of two million square feet of retail property. Some of the corridor’s key national/credit tenants include Walmart, Sam’s Club, Target, Ross, Bed Bath & Beyond, Dillard’s, Kohl’s, TJ Maxx, Marshall’s, Babies R Us, and Regal Entertainment. The property is also located within a half-mile radius of four major shopping centers that include: Columbiana Station, Harbison Court, Harbison Center, and Columbiana Centre Mall.
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.