Palm Desert, CA – Faris Lee Investments, a leading national retail investment sales firm, is pleased to announce the successful all-cash sale of a 2 tenant retail pad building for $6,075,000 Million. The transaction, completed on behalf of seller, Sage Investments, was acquired by a Southern California based Private Investor in a 1031 Exchange.

This 7,400 square-foot building is occupied by Schools First Federal Credit Union & T-Mobile and shadow anchored by a highly successful Walmart Neighborhood Market. The asset is strategically located at the premier intersection of Coachella Valley at the corner of Highway 111 & Fred Waring with over 90,000 cars per day.

Given the challenging market conditions and successfully overcoming buyers’ objections of the Coachella Valley trade area, Faris Lee Investments was able to procure an all cash 1031 buyer who paid a 5.9% cap rate & over $800 per square foot, which is one of the lowest cap rates in the Coachella Valley for a retail strip center in recent years.

This sale represents the 25th property Faris Lee Investments has sold in the Palm Desert, Palm Springs, La Quinta & Indio areas representing approximately $215,000,000 Million in total consideration. Faris Lee’s Chris DePierro (Managing Director), Jeff Conover (Managing Principal), Don MacLellan (Managing Principal) Scott DeYoung (Senior Managing Director) and Greg Lukosky (Director) represented the Seller in the transaction.

About Faris Lee Investments:

Faris Lee Investments is one of the nation’s leading retail investment advisory firms, and among the first to operate under a unified, team-oriented platform. The company combines advanced underwriting, market research, and creative marketing strategies designed to maximize client value. Faris Lee provides advisory services across dispositions, acquisitions, recapitalizations, distressed asset resolutions, portfolio sales, and corporate sale-leaseback transactions.
For more information, visit www.farislee.com