IRVINE, CA, July 13, 2012 – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $2.09 million sale of a two-tenant retail property occupied by Men’s Wearhouse and Qdoba Mexican Grill Restaurant.
Built in 2010, the 7,000-square-foot property is situated on .77 acres and is located at 2350 King Avenue West in Billings, Montana.
Jeff Conover (middle right photo), senior managing director of Faris Lee Investments, represented the seller, D&S Depierro Trust from Dana Point, Calif. The buyer, who paid all cash, was Sacramento, Calif.-based King Avenue Billings LLC and was represented by Ben Prater (lower left photo) of Colliers International.
“California has a large amount of private capital investors seeking out-of-state commercial real estate opportunities,” said Conover.
“Faris Lee has extensive buyer contacts and a database of investors with this profile and we marketed heavily to that audience. Ultimately, we sold to a central California buyer. The sales price garnered the highest price per square foot of $299 for a multi-tenant retail property over the past two years.”
Conover added that the property offered two strong national tenants with long-term, 10-year leases. The property fronts Costco and Shopko at the most dominant retail intersection in the state of Montana seeing more than 48,000 vehicles per day.
The property is also across from Walmart Supercenter, Lowe’s, Best Buy, Home Depot, Toys “R” Us, Old Navy, PetsMart, Office Depot, and Michaels.
Contact::
Darcie Giacchetto,
949.278.6224
Spaulding Thompson & Associates
For Faris Lee Investments
No comments:
Post a Comment