Faris Lee Investments Successfully Transacts Longhorn Steakhouse and Hardee's Drive-Thru for Long Beach-Based 1031 Exchange Investor

IRVINE, CA – July 18, 2024 – Faris Lee Investments, a leading national retail advisory and investment sales firm, announces the successful transactions of a Longhorn Steakhouse in Marietta, GA, and a Hardee's in Bloomington, IN.

Nick Miller, Director at Faris Lee Investments represented a Long Beach-based 1031 investor looking to acquire out-of-state single-tenant net-leased investments.

The Longhorn Steakhouse transaction closed at $3,121,000, representing a 5.77% cap rate. This opportunity consisted of a new Absolute NNN 10-year extension with a wholly-owned subsidiary of Darden Restaurants (NYSE: DRI), providing passive management and stability. Despite the investor remaining out of the market for the last 20+ years coupled with the market disparity between Buyer & Seller’s pricing expectations, the transaction closed smoothly in 27 days.

The Hardee's transaction closed at $2,451,000, representing a 5.95% cap rate. This deal included a long-term Absolute NNN lease with Hardee's, a subsidiary of CKE Restaurants Holdings, Inc. Despite facing similar challenges, this transaction closed simultaneously with the Longhorn Steakhouse, satisfying the client’s 1031 exchange requirements.

In both transactions, Faris Lee targeted stable income opportunities with minimal management needs and replaceable rents. Nick Miller facilitated the entire 1031 process, vetting over 250 assets, and ensuring two successful all-cash closings.

Faris Lee Investments prides itself in optimizing real estate asset values for its clients through strategic advisory, transaction execution and capital market solutions.

About Faris Lee Investments:

Faris Lee Investments is one of the leading retail investments firms in the US and is one of the original firms specializing in retail investment sales throughout the country. Faris Lee combines underwriting and market research that exceeds industry standards with a custom strategy to maximize values for their clients’ .The firm also serves as high level investment advisors in the areas of dispositions, acquisitions & recapitalizations as well as, distressed asset disposition, portfolio sales, and corporate sale-leaseback. For more information, visit www.farislee.com

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