Sharpsburg GA - February 12, 2024 - Faris Lee Investments, a leading national real estate advisory firm, is pleased to announce the successful sale of a Miller's Ale House in Sharpsburg, GA, with a closing price of $4,672,000 and a competitive Cap Rate of 6.10%. Hunter Steffien, Director at Faris Lee Investments, represented the seller, a local developer, who is responsible for the newly constructed 100,000 SF shopping center.
This deal featured a Corporate Guaranteed 12-Year Ground Lease with Miller's Ale House for a newly constructed property spanning 1.77 acres. Positioned as an outparcel to a Publix-anchored shopping center, the property also sits adjacent to Costco Wholesale.
Faris Lee Investments sold the Floor & Decor earlier in the year and will be bringing out additional pad sites in this shopping center moving forward. , Faris Lee Investments overcame various challenges. They initiated marketing efforts prior to the Publix grand opening, navigating the absence of the anchor store at the initial stage.
The marketing strategy emphasized the tenant lineup in Publix, Floor & Décor, and Piedmont Healthcare, which anchor the shopping center. They highlighted the regional draw of Costco Wholesale, attracting customers from a 30-mile radius.
The results of this transaction are noteworthy. Faris Lee Investments closed the deal at a more aggressive Cap Rate compared to similar Miller's Ale House leases in northern Atlanta. The property attracted a buyer – a Montana family engaged in a 1031 exchange following the sale of their ranch, ahead of the Miller's Ale House grand opening and the commencement of Publix construction, showcasing their commitment to proactive and strategic deal execution.
Faris Lee Investments continues to excel in delivering strong results, reinforcing its position as a leading real estate investment advisory firm.
About Faris Lee Investments:
Faris Lee Investments is a retail brokerage advisory firm founded in 1996 and is based in Irvine, California. The firm specializes in commercial real estate investment sales, brokerage, and advisory services. In addition, the firm provides a national marketing platform of properties for sale, asset appraisal, property valuation, debt structuring, negotiation, market research, and analysis services. Faris Lee combines underwriting and research that exceeds industry standards with a marketing strategy to transform investment potential, enhance value and provide their clients the competitive advantage needed when making investment decisions. The firm also serves as institutional advisors in the areas of acquisitions and dispositions, merchant banking, distressed asset disposition, private equity, and corporate sale-leaseback. For more information, visit www.farislee.com