Faris Lee Investments Completes Clients 1031 Exchange Through Upleg of a Single-Tenant Triple-Net Leased Property Occupied by Dairy Queen in Lufkin, TX
IRVINE, Calif., January 17, 2019 – Faris Lee Investments, a leading retail advisory, and investment sales firm, has completed the sale of a 2,473-square-foot single-tenant retail property that is triple-net leased to a large Dairy Queen franchisee.
Managing Directors Tom Chichester, Joe Chichester, and Matt Brooks with Faris Lee Investments represented the buyer, a private investor from Southern California. Encore Investment Real Estate represented the seller.
“This acquisition was the buyer’s upleg in a 1031 exchange,” said Tom Chichester. “Our Faris Lee team strategically worked with our client to dispose of 9 acres of land in the Inland Empire for $1.65 Million. We then helped fulfill our clients 1031 exchange requirement, by placing them into a passive net-leased investment with Dairy Queen, a national brand, giving them long-term security and annual rental increases. This strategic approach aligned with the client’s needs, allowed us to transact both sides of the 1031 exchange process successfully.”
Dairy Queen has operated at this particular location for over 40 years and re-signed a new 20 year, absolute NNN lease, just four years ago giving our investor over 16 years of remaining lease term.
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 partnership with X-Team Retail Advisors, a nationwide alliance of seasoned retail 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.