Wednesday, March 13, 2013

Faris Lee Investments Completes $4 Million Sale of Restaurant Property in Bristol, VA


  
Patrick Luther
 RVINE, CA – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the nearly $4 million sale of a 7,936-square-foot free-standing restaurant property occupied by Logan’s Roadhouse.

Situated on approximately three acres, the property is located on the Tennessee/Virginia border and sits on “restaurant row” directly off of Interstate 81 at 3174 Linden Drive in Bristol, VA.

Kevin Fulton
Patrick Luther of Faris Lee Investments represented the all-cash buyer, Cole Real Estate Investments, a private, non-traded real estate investment trust. The seller, a private investor based in Tennessee, was represented by Kevin Fulton of Market Retail Partners. The property closed at an 8.35 percent cap rate.

According to Luther, the buyer viewed this as an investment offering a compelling cap rate compared to other Logan’s Roadhouse restaurants which recently sold. Cole owns other properties leased to Logan’s in its existing portfolio and is comfortable with the tenant credit.

Logan's Roadhouse
“Faris Lee sourced this property off-market for Cole Real Estate Investments, which will allow the company to achieve an above-market yield compared to similar credits and alternatives,” said Luther. “Cole acquired an asset that was not widely marketed and the seller benefitted from working with a qualified all cash buyer offering a quick close of escrow.”

 For a complete copy of the company’s news release, please contact:

Darcie Giacchetto,
949.278.6224
Spaulding Thompson & Associates
For Faris Lee Investments
.

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