Farmington, NM — April 16, 2024 — Faris Lee Investment (FLI), a leading national retail investment firm, is pleased to announce the successful closing of a single-tenant net-leased investment property in Farmington, New Mexico. The transaction involved the sale of a 20,000 square foot, free-standing JoAnn retail pad building situated on 1.44 acres of land.
Jeff Conover, Managing Principal, Scott DeYoung, Senior Managing Director, and Greg Lukosky, Director at Faris Lee Investments, along with Anthony Johnson & AJ Johnson with Pegasus Group New Mexico represented the seller, a Michigan based private office real estate advisor. Faris Lee Investments also procured and represented the 1031 Exchange buyer, a developer from Utah.
The property, an outparcel freestanding pad building, boasting 11 years of remaining lease term, is strategically positioned at the signalized entrance fronting the major regional shopping center in Farmington, NM. Notable anchor tenants include Home Depot, TJ Maxx, Safeway, and Best Buy enhancing the property's value proposition.
"The Buyer was attracted to this high-yield investment opportunity despite the risk with the on-going bankruptcy proceedings and the closing of multiple store locations. At the end of the day it was all about the strength of the real estate location and the high probability to back-fill the space if needed at a higher rent. In addition, the property was situated on large parcel of over 1.4 acres," stated Jeff Conover, Managing Principal at Faris Lee Investments.
FLI implemented an aggressive marketing strategy targeting 1031 Exchange Buyers from the Southwest & Mountain States. The team leveraged demographic information to showcase Farmington, NM as the dominant retail shopping area in the four-state region encompassing NM, CO, UT, and AZ.
"Through diligent negotiation and strategic marketing, FLI facilitated an expedited escrow period of just 35 days, with the seller releasing contingencies within 28 days," said Scott DeYoung. "This transaction underscores FLI's commitment to delivering exceptional results for our clients, even in challenging market conditions."
About Faris Lee Investments:
Faris Lee Investments is a leading national retail investment 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
Media Coverage: https://www.connectcre.com/stories/faris-lee-completes-phase-one-of-rancho-santa-margarita-break-up-strategy/