IRVINE, Calif., February 17, 2016 – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $6.65 million sale of Franklin Shops, a newly developed 8,911-square-foot, multi-tenant retail property triple net-leased by Starbucks, Noodles Company and MedPost Urgent Care – all with new 10-year leases in place.
Matthew Mousavi and Patrick Luther of Faris Lee Investments represented the seller, a private developer based in Massachusetts. The buyer was a private investor from Massachusetts.
“Franklin Shops featured a strong line-up of national tenants, and was very attractive to buyers as it was brand new construction,” said Luther. “We received multiple competing offers, from buyers based in the North Eastern United States and the West Coast. Ultimately, it sold at a high price per square foot of just over $746 which is a record for comparable assets in this market.”
Completed in 2015, the retail property is situated on just under one acre of land at 648 Old W. Central Street. The property is ideally located just off the interchange of Interstate 495 and U.S. Route 140 which sees a total of 79,900 vehicles per day. Across the street is Franklin Village Plaza, a 33-acre power center totaling more than 303,000 square feet with tenants including Stop & Shop, Marshalls, The Men’s Wearhouse, Dress Barn, Massage Envy, Bath and Body Works, and others.
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.