IRVINE, Calif. - April 19, 2022 - Faris Lee Investments is pleased to announce the recent completion of a 1031 exchange for a repeat client based out of the Bay Area.
For the downleg, the listing team represented the client in the sale of a two-tenant pad on a signalized, hard corner with over 43,000 vehicles per day in Chandler, AZ. The property was anchored by a corporate Domino's Pizza alongside a vacant suite. The listing team was able to maximize the sale price for the client by marketing the property with a rent guarantee, allowing the seller to capitalize on the additional net operating income. The team procured an all-cash buyer with investments in the trade area.
During the marketing and escrow period for the sale of the downleg, the Faris Lee team was actively searching for upleg opportunities for the client. Before the close of the downleg, Faris Lee located a value-add center on a signalized, hard corner with over 36,000 VPD in Fair Oaks, CA. The center is anchored by a corporate 7-Eleven alongside two vacant suites. The 7-Eleven has been at this location for over 35 years and is paying roughly 50% below market rent. The property features excellent demographics with over $124,000 of average household income in a one-mile radius and over 107,000 residents in a three-mile radius. During the escrow period, the buyer was able to secure strong leasing momentum on the vacant suites. Faris Lee was able to negotiate a significant price reduction for the client while managing a quick and on-time closing.
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