IRVINE, Calif., October 28, 2020 – Faris Lee Investments, a leading retail advisory, and investment sales firm has completed the $7 million sale of a newly constructed strip center located in Fayetteville, GA. The property features a great tenant mix consisting of Chipotle, My EyeLab and Aspen Dental. It totals 12,277 square feet and is situated on 1135 Highway 85 N., a main retail corridor within Fayetteville.
The property is located in a prime and affluent trade area counting over 90,000 permanent residents within a 5-mile radius offering proximity to consumers. It is across the street from an Aldi grocery store (NAP), and in the middle of a stretch of new retail development, which creates synergistic cross-over traffic.
Hunter Steffien, director at Faris Lee Investments and his partners Jeff Conover and Scott DeYoung represented the seller of the property and sourced an international buyer based out of Mexico City. The buyer’s motivation was to diversify his portfolio with real estate in the United States. Faris Lee Investments played a pivotal role in helping the buyer secure conduit financing. The foreign buyer closed at an aggressive cap rate in the peak of the pandemic as transaction volume was down 70% from 2019.
“Faris Lee Investments highlighted Chipotle’s strong sales volume as well as the new drive-thru prototype allowing the tenant to stay open during the pandemic. Faris Lee Investments worked hand in hand with the seller to establish the sale strategy of the asset including lease amendments in response to COVID-19 which insured the buyer to receive the full NOI at the time of sale.” Since Faris Lee Investments was the second investment firm brought into the deal, the team made a concerted effort to expand the buyer pool to target international buyers that would look into the United States as a safe haven for their investments,” said Steffien.
“The strength of the tenant mix and the long-term leases in the current market were key factors to the success of the transaction. As some retailers’ sales have plummeted through the pandemic, grocers, home improvements, and other essential retailers, like the ones at the property, have been making nearly 100% of rent payments. At the top of the list, for new locations are the ones close-to-consumer locations like Satterfield Marketplace,” said Steffien.
Faris Lee marketing targeted Southern California 1031 buyers, private investors, brokers and international buyers looking to invest in the U.S. Ultimately, Faris Lee identified a group of Investors out of Mexico City that we’re inspired to diversify their portfolio into the United States by the lack of government relief in Mexico.
About Faris Lee Investments: Faris Lee Investments is a national 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. Through its recent strategic affiliation with X-Team Retail Advisors, a nationwide partnership of seasoned retail leasing experts, Faris Lee offers a fully integrated platform with disciplined expertise in landlord leasing, tenant representation, capital markets, and investment sales to maximize value for clients.
For more information, visit www.farislee.com
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