IRVINE, CA, April 18, 2012 – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has announced it has completed three separate sales transactions for Pizza Hut-occupied free-standing properties in the greater Phoenix market for a total of $3.55 million.
Dennis Vaccaro (middle right photo), senior managing director, and Matthew Mousavi (middle left photo), director, with Faris Lee Investments were responsible for advisory and marketing the properties on behalf of a Pizza Hut franchisee who operates a total of 46 Pizza Hut restaurants in Arizona and Texas.
The properties were all sold to individual all-cash buyers out of California and Arizona.
“The Pizza Hut franchisee looked to Faris Lee to advise on a sale-leaseback scenario for several of its Arizona properties,” said Vaccaro. “Our advisement originated previous to placing the properties on the market and was carefully planned to determine the best asking prices and lease structures. We also crafted a targeted marketing campaign to maximize the private buyer pool and ultimately the final sale price.”
The properties all offered the buyers an absolute NNN lease providing for ease of management and either 15- or 20-year lease terms upon close of escrow.
“With an exclusive specialization in retail property, Faris Lee is able to quickly and strategically execute on sale-leaseback programs for both corporate and franchisee tenants,” said Mousavi.
“As opposed to selling a portfolio of properties together in a single transaction which typically garners a lower final sales price, we market them separately to smaller, private investors who are attracted to the value and stability of a long-term hold with returns far exceeding most other types of non-real estate investments.”
Following is information on each of the properties:
- 4708 South 48th Street in Phoenix (top left photo) sold for $1,629,000 at a 6.9 percent cap rate. , and totaled 3,752 square feet.
- 2056 E. Baseline Road in Mesa sold for $1,118,000 at a cap rate of 7.2 percent and totaled 2,631 square feet.
- 808 West Broadway Road in Tempe sold for $800,000 at a 7.0 percent cap rate and totaled 1,409 square feet.
“Single-tenant NNN leased real estate assets are being identified by individual investors as an important part of their overall wealth management strategy,” said Rick Chichester (lower right photo), president and COO with Faris Lee Investments.
“Faris Lee not only works to maximize value for the seller, but also identifies investors interested in acquiring investment grade real estate as part of their overall financial management and diversification plan.”
Over the past 18 months, Faris Lee has completed a total more than 40 transactions for single-tenant absolute NNN leased retail real estate property.
Contact:
Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224
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