Lake Worth, FL – Jan 22, 2023 - Faris Lee Investments, a leading national real estate advisory firm, is pleased to announce the successful pre-sale of a newly constructed ALDI in Lake Worth, Florida. The transaction sold at $3,450,000 representing a 4.20% cap rate, the lowest recorded in 2023.
Scott DeYoung, Senior Managing Principal, Jeff Conover, Principal, and Greg Lukosky, Director represented the seller in the transaction.
The sale involved a newly constructed ALDI corporate ground lease on a long-term, 20-year lease. The lease provided an absolute triple-net (NNN) ground lease, where the tenant maintains both the building and site improvements. The subject property is strategically located in the high-growth city of Lake Worth, Florida, in close proximity to affluent cities such as Palm Beach and Boca Raton.
The marketing strategy focused on highlighting the ALDI property as an excellent opportunity for a passive investor. Emphasizing the absolute triple-net investment structure, the campaign created value by leveraging ALDI's credit and lease guaranty, backed by the company's extensive presence with over 2,000 stores in 36 states and a workforce of over 25,000 employees.
As a result, the transaction achieved a below-market cap rate of 4.20% in the midst of a challenging debt market with rising interest rates. The success was further underscored by securing a local, Florida-based 1031 exchange buyer and generating multiple competitive offers.
About Faris Lee Investments:
Faris Lee Investments is a leading national retail investment 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