Clovis, New Mexico - May 15, 2023 - Faris Lee Investments, a leading retail advisory, and investment sales firm has completed the sale of a cannabis retail property, R.Greenleaf, located at the Texas border in Clovis, New Mexico with a closing price of $1,450,000 and a price per square foot of $414.
The property was purchased by an all-cash 1031 exchange buyer from New York, highlighting the effectiveness of the targeted marketing approach focused on 1031 exchange buyers seeking high-yield investments from both the West Coast and East Coast.
The property boasts a long-term, 10-year absolute NNN lease with a corporate guarantee and 10% rent increases every 5 years, providing a stable income stream for investors. Additionally, the strategic location of the property and the strong tenant, R. Greenleaf, with a listing on OTCQX (SHWZ) and a reputation as an operator of 32 cannabis retail locations in NM & TX, made it a highly desirable investment opportunity.
The successful sale of the property is a testament to the strong demand for high-yield investments and the value proposition presented to investors. The marketing efforts generated multiple offers for the property, indicating the strong interest from investors.
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