Los Angeles/Irvine, CA - (July 9, 2021) – Faris Lee Investments arranged the $8.65M sale of Garden Square shopping center in Midvale, UT, south of Downtown Salt Lake City within the expanding Salt Lake Valley of Utah. The property is located off State Street and Fort Union, one of the busiest intersections in the Salt Lake Metro Area.
Nick D’Argenzio, Tom Chichester, and Joe Chichester, managing directors at Faris Lee Investments managed both sides of the transaction.
The center featured a combination of low rent-paying local and regional tenants, allowing for a well below replacement cost acquisition, high in-place yield, and strong upside potential in a market with excellent economic fundamentals.
Faris Lee also focused on potential re-zoning and mixed-use conversion, redevelopment opportunities. This made sense due to the considerable growth in new office and residential developments in the rapidly growing area.
During the pandemic, investors switched to seeking more secure income-producing investments. As a result, there has been a flight-to-quality to investments with credit-worthy tenants and strong rent collections. With offices on the first and second floors and a majority of non-credit tenants, the transaction presented some challenges the team overcame by positioning the asset as a long-term value-add investment opportunity and by presenting the possibility of a mixed-use development project.
“There are still many opportunities for creativity in the redevelopment of shopping centers. Each market, site plan, and rent roll provides a unique set of opportunities for value-creation and maximization,” said Nick D’Argenzio.
Throughout the Pandemic, the Faris Lee team was able to procure multiple offers and manage the wide array of buyer profiles to maximize value and optimize deal terms for the seller.
“Our unique relationships and marketing initiatives targeted and managed the most active coastal buyers’ database and ultimately secured a unique startup company as a buyer,” said Tom Chichester.
About Faris Lee Investments: Faris Lee Investments is a national leading retail advisory and investment sales firm. The company’s high-level retail investment advisors and sophisticated financing experts develop forward-thinking strategies for all retail acquisitions and dispositions and guide clients through complex transactions. Through its recent strategic affiliation with X-Team Retail Advisors, a nationwide partnership of seasoned retail leasing experts, Faris Lee offers a fully integrated platform with disciplined expertise in landlord leasing, tenant representation, capital markets, and investment sales to maximize value for clients.
For more information, visit www.farislee.com
Published by RE Business Online: https://rebusinessonline.com/faris-lee-negotiates-8-6m-sale-of-garden-square-shopping-center-in-midvale-utah/