Faris Lee Investments Completes Sale of Two Strong National Single Tenants in Salt Lake City, UT
Taylorsville, UT (October 27, 2018) – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the combined fee simple interest sale of national single tenant retailers, the 24 Hour Fitness and the Old Spaghetti Factory. Both properties are located within the Taylorsville shopping Center in the city of Taylorsville, UT.
Centrally situated in the rapidly expanding Salt Lake Valley of Utah, the center is located at one of the busiest intersections in the Utah Valley with over 100,000 cars per day. It benefits from an ideal location along Interstate 215 and easy access due to the on/off ramp of S. Redwood Road proximity. The Shopping Center, the most dynamic community center in Taylorsville, is anchored by T.J. Maxx, PetSmart, Ross Dress for Less, Regal Theaters along with strong pad users including Chick Fil A, Panda Express, Starbucks and Chase Bank.
Faris Lee Investments Senior Managing Partner Don MacLellan, Managing Directors Thomas Chichester and Joseph Chichester, as well Director Matt Brooks represented the Seller – as well as the Buyer – a Southern California based private investor.
“The key to the successful marketing campaign was to focus on the quality of the tenant, the commitment to the site, and the economic drivers within the specific market. In this, we showcased the tenant’s strong national hold, the historical occupancy, below market rent, and lease renewal. We highlighted the surge of the tech industry along with its employment growth, the strong demographics, and the unbeatable quality of life. This marketing strategy generated strong offer activity,” said MacLellan.
Faris Lee Investments considers all options to offer the best investment opportunity to its investors. Through a 1031 proprietary trading desk platform, the team successfully cross-sells between listed and unlisted inventory to present the best suited projects to the buyer’s need.
“The buyer initially came to us looking for California properties. We successfully educated the investor on the benefits of investing in Salt Lake City and demonstrated a lower risk profile than a California property,” said Chichester. “Within 2 days of initial marketing, we were able to source and negotiate pricing that met the seller’s expectations.”
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 senior 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 a 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 specialized expertise in tenant, property and developer/landlord representation, property dispositions and retail investments.