Faris Lee Investments Completes Clients 1031 Exchange Through Upleg Purchase of a $2.25 Million Sale of a Single-Tenant Triple-Net Leased Property Occupied by Jack in the Box in St. George, Utah
IRVINE, Calif., April 20, 2018 – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $2.25 million sale of a 3,260-square-foot single-tenant retail property that is triple-net leased to a Jack in the Box franchisee.
Managing Directors Joe Chichester and Thomas Chichester and Director Matt Brooks with Faris Lee Investments represented the buyer, a private investor from Northern California. NAI Excel represented the seller.
“This acquisition was the buyer’s upleg in a 1031 exchange,” said Joe Chichester. “Our Faris Lee team strategically worked with the client to develop a full service, dispose-acquire, scenario that involved our client disposing of two of their management intensive retail centers and trading into a passive net leased investment with a national brand, giving them long-term security in a deal. This strategic approach aligned our team with the client’s needs and allowed us to successfully transact both sides of the 1031 exchange process.”
Built in 2000 and situated on approximately one-acre, the property is located at 1596 S. Convention Center Drive. It is located near the Dixie Convention Center as well as five major hotels. St. George is located within Washington County, one of the fastest growing counties in the nation.
About Faris Lee Investments: Faris Lee Investments is a 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. Cumulatively, Faris Lee’s leadership has been involved in more than $20 billion of transactions. Faris Lee’s advisors are skilled in disposition and acquisition strategies, asset positioning and valuation, marketing, debt and equity structuring, strategic workout and REO solutions and execution. For more information, visit www.farislee.com.
Faris Lee is also strategic partner with X Team Retail Advisors, an integrated platform of retail real estate specialists that offers coverage in 40 major markets across the United States and Canada encompassing more than 265 professionals. X Team provides specialty expertise in tenant, property and developer/landlord representation, property dispositions and retail investments.