Recent Closing: Play It Again Sports | Condo Purchase | Kenosha, WI

IRVINE, Calif., June 21, 2022 - Faris Lee Investments arranged the sale of a Play It Again Sports in Kenosha, WI.

Located at 4017 75th Street, across from national brand tenants like McDonald's, Dunkin' Donuts, Starbucks, and Wendy's, the offering presented an opportunity to acquire a single-tenant triple net lease with annual rental increases, providing an investor increased cash flow and a hedge against inflation.

Play It Again Sports has 300 stores in the US and Canada, making it the largest new and used sporting goods retailer in North America. The subject property was sold with a 1-unit franchise operator with 2 years remaining on the lease terms. This was a condo purchase as PIAS was part of a larger strip center.

Faris Lee Investments targeted 1031 exchange investors across the U.S. looking to invest in smaller size deals. The team focused on the below-market rent, the ease of management, and the hard corner real estate intrinsics.

After generating multiple offers, the transaction closed at 92% of the list price with a 1031 exchange buyer from Pennsylvania.

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 develop forward-thinking strategies for all retail acquisitions and dispositions and guide clients through complex transactions. Through its recent strategic affiliation with X-Team Retail Advisors, a nationwide partnership of seasoned retail leasing experts, Faris Lee offers a fully integrated platform with disciplined expertise in landlord leasing, tenant representation, and investment sales to maximize value for clients.


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