IRVINE, Calif., – December 19, 2022 - Faris Lee Investments, a leading retail advisory, and investment sales firm, has completed the $5.80 million acquisition of a single tenant absolute triple net leased Walgreens, with a corporate guarantee, in Champaign, IL.
Faris Lee Investments represented a Los Angeles-based family office in a 1031 exchange purchasing single tenant net leased investments out of state.
The property is positioned in a highly active retail corridor two miles from the University of Illinois Urbana-Champaign with over 56,000 enrolled students generating $8.9 billion in economic activity. It is surrounded by a number of national retailers including a newly constructed Starbucks, Jersey Mikes, AT&T Asset, Planet Fitness, Taco Bell, Arby’s, and CVS.
The team targeted single tenant net leased Pharmacy opportunities to provide stable income and minimal management for a historically management-intensive investor. Faris Lee's agents focused on searching for opportunities that consisted of strong sales well over $3M with replaceable rent to provide additional security and stability to the investor.
After vetting the market and as the team controlled the entire 1031 process for the buyer by sourcing and qualifying over 250 properties nationwide, they obtained a below market pricing for this Walgreens. The transaction closed as scheduled after a smooth 63-day escrow with a financing contingency. The Faris Lee Team worked & sourced multiple lenders to provide favorable financing for the client, and closed promptly to enable the buyer to maintain their favorable interest rate lock during an escalating borrowing cost environment.
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