Irvine, CA - September 21, 2022 - Faris Lee Investments, a leading national retail advisory and investment sales firm, and SRSA Commercial Real Estate completed the $31.418 million sale of a single tenant net lease Whole Foods in New Orleans, LA. The retrofit supermarket building was a converted street car barn originally constructed in 1893 and presented an opportunity to acquire a unique property with an investment grade credit tenant doing high volume sales in the infill and affluent part of New Orleans off Magazine Street.
Scott DeYoung, Senior Managing Director, and Jeff Conover, Managing Principal, with Faris Lee Investments, represented the seller in collaboration with Steve Reisig, Chris Robertson, and Kirsten Early with SRSA Commercial Real Estate. Jason Maier with Stan Johnson Co. represented the buyer, an east coast investor in a 1031 Exchange.
“Faris Lee and SRSA jointly marketed the asset as a very unique investment opportunity to acquire a quality single tenant net lease Whole Foods grocery store with high-performing sales in a densely populated market of New Orleans within close proximity to Tulane University,” said DeYoung. “Rarely do you see single tenant Whole Foods trade on the market as they are usually part of a shopping center. In addition, Whole Foods recently executed a (15) year lease extension, which is a testament to their long-term vision of the location and trade area.”
Scott DeYoung noted that this is one of two Whole Foods in New Orleans, which draws customers from a larger radius and has experienced tremendous store sales with strong annual growth.
“Ultimately, Faris Lee generated several strong offers from a diverse mix of private investors and 1031 exchange buyers,” said Conover. “We exceeded the seller’s expectation for pricing and closed at one of the largest price points and lowest cap rates for a single tenant net lease grocery store in 2022.”
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