IRVINE, Calif. – Faris Lee Investments, a leading retail advisory and brokerage services firm, has completed the $8 million sale of a 14,820-square-foot single-tenant retail property occupied by Walgreens in Fresno, Calif.
Jeff Conover, senior managing director with Faris Lee Investments represented the seller, Fresno S & F Development from Indianapolis, IN. The buyer was Maxey, Inc. from Orange County, Calif. and was represented by Turner Financial. The closing cap rate was 5.71 percent and the asset sold for a strong price of $540 per-square-foot.
Located at 2950 N. Fowler Ave. at a busy signalized intersection, the Walgreens-occupied property includes a drive-thru and offered the buyer an absolute triple-net lease, which provides no landlord responsibilities. Additionally, the tenant has approximately 22 years remaining on its lease with 10, five-year options.
“This is a property that offered the buyer the ideal investment fundamentals. Faris Lee positioned this asset as a secure and stable single-tenant investment in a long-term lease with the nation’s top drugstore chain,” said Conover. “We had many offers on the property, and selected a buyer who was in a 1031 exchange.”
There are approximately 240,000 consumers and 70,000 daytime employees within a five-mile radius of the property. The Walgreens store is part of a proposed 16-acre shopping center which, upon completion, will include more than 173,000 square feet of retail space.