Ruidoso, NM – January 19th, 2024 – Faris Lee Investments, a leading commercial real estate advisory firm, is pleased to announce the successful sale of a Cannabis single tenant net lease property, R. Greenleaf, located in Ruidoso, New Mexico. The transaction, valued at $1.145 million.
Jeff Conover, Managing Principal, and Scott DeYoung, Senior Managing Director with Faris Lee Investments along with Anthony Johnson and AJ Johnson with the Pegasus Group represented the seller, a Pacific Northwest developer.
The deal features a corporate guaranteed lease with Medicine Man Tech, Inc. (SCHWAZZE), securing 9 years on a 10-year term. The property boasts an absolute NNN Lease, translating to zero landlord responsibilities, adding to its appeal for investors.
Faris Lee Investments marketing strategy emphasized the strength of New Mexico's cannabis sales, highlighting the over $27 million in cannabis excise taxes brought into the state since legalization. Additionally, the team positioned the property as an easy-to-manage investment with zero landlord responsibilities.
The transaction closed with an all-cash 1031 Exchange buyer from Roseville, CA, achieving a $716 per square foot, and generating multiple offers that underscore the property's desirability in the market.
Faris Lee Investments is proud to have successfully navigated the complexities of this transaction, showcasing expertise in the evolving cannabis real estate landscape. This achievement reinforces the firm's commitment to delivering value to clients and capitalizing on unique investment opportunities. This was the second cannabis sale for Faris Lee Investments in the past 10 months in the state of New Mexico.
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