Irvine, CA - May 17, 2023 - Faris Lee Investments, a leading retail advisory and investment sales firm, has announced the successful sale of the City BBQ ground lease in Cincinnati, Ohio for $2,538,000. The deal was closed within a 17-day escrow period with a 1031 exchange buyer from Virginia.
The 3,850 square foot new construction drive-thru location is leased to City BBQ on a brand new 12-year absolute NNN ground lease. Faris Lee positioned the property as a secure and stable investment, highlighting its long lease term and new drive-thru building. The marketing strategy targeted nationwide STNL Restaurant 1031 exchange buyers and utilized Faris Lee's national marketing platforms to increase exposure.
This targeted approach proved successful, generating multiple all-cash offers from interested buyers across the US. The transaction closed with a 1031 exchange buyer from Virginia at a price of $659 per square foot.
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