Irvine, CA – March 8, 2022 - Faris Lee Investments has brokered the $2.70 million sale of a freestanding, single-tenant, absolute NNN leased Filiberto's Mexican Food restaurant in Peoria, AZ.
Faris Lee Investments represented the seller in the transaction. The buyer was from Northern California and in a 1031 exchange.
The Property fronts Fry's supermarket and is located at 9039 W. Olive Ave. in Peoria, AZ. Filiberto's had 15 years remaining on their absolute triple net lease which provided stability and security for the investor with minimal management responsibility.
Faris Lee Investments targeted 1031 exchange buyers looking to invest in the Southwest, highlighting the local brand, the strength of the trade area, and the real estate fundamentals of the property which included a drive-thru.
The team generated multiple offers during the marketing period and closed at 97% of the list price at $1,087 per square foot.
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