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| 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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