Louisville, KY – August 16, 2023 - Faris Lee Investments, a leading national real estate advisory firm, is pleased to announce the successful closing of a presale single tenant net leased Thorntons located at 10511 Preston Hwy in Louisville, KY. The transaction was executed at a closing price of $3,100,000 and was brokered by Scott DeYoung, Sr. Managing Director, Jeff Conover, Managing Principal and Hunter Steffien, Director, of Faris Lee Investments, who represented the Seller.
The key features of this transaction include a corporately executed lease with Thorntons, a renowned gasoline and convenience store operator. This brand new lease boasts a long-term 20-year triple net (NNN) ground lease, providing a stable and growing income stream with rental increases over time. The property itself was located on approximately 76,249 square feet of land and the building was under construction when the property was brought to market.
The results of the marketing efforts were notable, with the property generating multiple offers and closed with a local all-cash 1031 investor in a 17-day escrow.
"We are thrilled to have facilitated the all-cash transaction of STNL Thornton’s with c-store in Louisville, KY. Thornton’s was recently acquired by British Petroleum, which provides the oil conglomerate a strong c-store brand with approximately 200 locations throughout the US”, said DeYoung. “We began marketing with Thornton’s under construction and located a buyer prior to opening for business. Presale assignments can be quite challenging as there can be potential post-closing items in the transaction,” Conover said.
About Faris Lee Investments:
Faris Lee Investments is one of the leading retail investment firms in the US founded in 1996 and is based in Irvine, California. In addition, the firm provides a national marketing platform for their property offerings, property valuation, debt structuring, and 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 retail investment 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