IRVINE, Calif., January 11, 2018 – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $6.1 million sale of a recently renovated 20,662-square-foot single-tenant, triple net-leased retail property that is occupied by Crunch Fitness in Van Nuys, Calif.
Director Matt Brooks and Managing Director Thomas Chichester of Faris Lee Investments represented the 1031 exchange buyer, Fortunate Realty. SRS Real Estate Partners represented the seller. The property closed at a 6.48 percent cap rate providing the buyer with a high-yield investment in Los Angeles County.
“Faris Lee assisted the foreign buyer with financing for the deal and worked to close escrow to fulfill its quick closing requirement,” said Matt Brooks. This property is ideally located in a dense San Fernando Valley retail location and offered our client a stable, long-term investment with a well-known national tenant fitness brand.”
Renovated in 2017, the property is situated on a half-acre of land at 6723 Van Nuys Boulevard. The property is within International Marketplace, a large retail center that includes Fallas, 99 Cents Only Store, among other tenants.
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.