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| Walgreens, Palmview, TX |
IRVINE, CA, Feb. 12, 2013 – Faris Lee Investments, the
nation’s largest retail-specialized investment advisory firm, has completed the
sales of six properties occupied by Walgreens valued in excess of $33 million.
Five properties were purchased by an East Coast based
private all-cash buyer and totaled nearly $26.5 million in off-market
transactions. The seller was a private owner from Denver, CO.
Matt Mousavi and Patrick Luther of Faris Lee
Investments represented both the seller as well as the buyer.
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| Matt Mousavi |
The five properties included:
· 9307 Lee
Highway in Ooltewah, TN
· 5104 Bobb
Hicks Highway in Johnson City, TN
· 668 Main
Street in Abingdon, VA
· 2191
Whiskey Road in Aiken, SC
· 302
University Place in Durant, OK
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| Patrick Luther |
“Faris Lee was able to deal-match five Walgreens properties
with the same buyer and seller,” said Mousavi, managing director with Faris Lee
Investments.
The owner of the properties was approached by Faris Lee with
a unique buying requirement for Walgreens at extremely aggressive cap rates.
Mousavi and Luther
were able to structure the transaction at record low cap rates, all in the low
6.00% cap rate range, on an all-cash basis. The seller benefited from quick
execution, the all-cash sale, and a multi-property/multi-state sale with a
single buyer.
The buyer was able to add well-located and high performing
Walgreens assets to its portfolio.
The sixth Walgreens property was sold for $6.82 million to
LDW Palmview, LLC, a private all-cash buyer. The seller was Dallas-based
McClure Partners. Mousavi represented both sides of the transaction. The
property is located at 2008 W. Palma Vista Drive in Palmview, TX.
“Faris Lee generated more than 10 competing offers on this
property from private, institutional, and foreign funds investors,” said
Mousavi. “This property was unique in that it was one of the last 25-year
Absolute NNN leases that Walgreens approved for development, and featured their
newest prototype format.”
Mousavi added that Faris Lee employed a pre-sale strategy to
generate multiple offers prior to the opening of the new store. The firm was
able to procure the buyer during its pre-sale marketing process.
For a complete
copy of the company’s news release, please contact:
Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224
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