Faris Lee Investments Completes Sales of Six Walgreens Properties Totaling $33 Million

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.

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

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