IRVINE, Calif., August 30, 2016 – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $4.55 million sale of Shops at Aspera, a fully occupied, 7,871-square-foot multi-tenant retail center in Glendale, AZ. Tenants at the newly developed center all have new long-term leases and include Starbucks, Fired Pie, Herbal Nails & Spa, and Friendly Smiles.
Jeff Conover, senior managing director with Faris Lee Investments, represented the buyer, Indianapolis-based P&A Development who was in a 1031 exchange. Simon CRE from Phoenix was the seller. The closing cap rate was 6 percent.
“This was the upleg in a 1031 exchange out of a single-tenant property in Southern California,” said Conover. “My client was seeking a stronger yield and wanted to trade into a multi-tenant retail asset. “Shops at Aspera had all the intrinsic qualities the buyer was looking for including quality, new construction, high visibility and traffic counts, and the property was within a growing trade area.”
Situated on 1.26 acres, Shops at Aspera is located on the northwest corner of 75th Ave. and Loop 101 at 7510 W Aspera Blvd. The property completed construction April 2016 and is part of the Aspera mixed-use development, a $152 million privately funded project which is anticipated to ultimately employ approximately 1,700 people.
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.