IRVINE, Calif. – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $7.6 million pre-sale of Petco & Shops, an approximately 22,500-square-foot newly constructed property in Gastonia, NC, a rapidly growing submarket of Charlotte. The property is fully leased and includes a 12,500-square-foot free-standing building occupied by Petco, and two free-standing pad buildings each totaling approximately 5,000 square feet with Select Comfort, Massage Envy Spa, Firehouse Subs, and Tijuana Flats as tenants. All the tenants have new 10-year triple-net leases.
Matthew Mousavi and Patrick Luther of Faris Lee Investments represented the seller, a privately held development company based in North Carolina. Shaun Riley of Faris Lee Investments represented the buyer, a private investor from Arizona who was in a 1031 Exchange.
Situated on 2.26 acres at 2272-2290 E. Franklin Boulevard, Petco & Shops is within a growing retail corridor. It is ideally located at the north side of East Franklin Boulevard/Highway 74 and is near the on/off ramp of Interstate 85.
As part of a pre-sale strategy, Faris Lee marketed the property well before the completion of construction, ensuring certainty of execution for the developer, while still capturing full forward-looking value for the asset. Faris Lee's buyer was non-contingent with a non-refundable deposit in place prior to property’s tenants opening for business.
“Faris Lee’s marketing outreach highlighted the growing market and surrounding retail fundamentals of the immediate area,” said Mousavi. “We also repositioned the center as a "Lifestyle" retail destination for the community, and renamed the property to better suit the tenancy and the retail orientation of the property. We generated multiple competing offers from across the country and helped the seller select a qualified, out-of-state buyer who offered very aggressive price and terms.”
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.