Irvine – July 19, 2022 - Faris Lee Investments arranged the sale of a Tire Discounters in Newman, GA, a desirable and affluent suburb of Atlanta.
Located at 1273 Bullsboro Dr., the property sits in a dense retail corridor with proximity to major national tenants including The Home Depot, ALDI, PetSmart, Kohl's, Wendy's, and Steak N Shake. The offering presented an opportunity to acquire a corporate guaranteed single-tenant triple net 15-year lease with annual rental increases, providing an investor increased cash flow and a hedge against inflation.
Tire Discounters currently operates 150 location in seven states with a total revenue estimated at $565.58 million in 2021.
Faris Lee Investments targeted 1031 exchange investors. The team focused on the long-term absolute net lease with strong corporate guaranty.
After generating multiple offers, the transaction closed in 16 days with a 1031 exchange buyer from New York City looking for NNN deals in a pro-business state.
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