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| 2302 Harnett Drive, Viera, FL |
IRVINE, CA, Aug. 16, 2013 – Faris Lee Investments, the
nation’s largest retail-specialized investment advisory firm, has completed the
$6.1 million sale of a single-tenant, NNN-leased retail property occupied by Total
Wine & More.
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| Matthew Mousavi |
The free-standing property totals 20,784 square feet and
is situated on 2.32 acres. It is located at 2302 Harnett Drive in Viera,
one of the fastest-growing communities in Florida. The build-to-suit property
completed construction in March 2013 and features a new, 10-year lease.
Matthew Mousavi, Patrick Luther and Nicholas Coo
of Faris Lee Investments represented the seller and developer of the property
who is based in Florida. The team also represented the private non-1031
exchange buyer, a Florida-based family trust who paid all cash.
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| Patrick Luther |
The transaction
closed at a 7 percent cap rate. The sale of Total Wine reflects the lowest cap
rate for a Total Wine leased property to ever sell in the United States.
“The buyer was
attracted to the property’s location and saw the value in Total Wine’s business
model for the long-term,” stated Mousavi. “This was a notable sale as the
property sold for nearly $300-per-square-foot, making it one of the highest
price-per-square foot sales in Florida for a net leased property priced at over
$5 million.”
Luther noted that
Faris Lee was able to procure a buyer within the first week of marketing, and
closed 30 days thereafter. “Faris Lee executed the sale within just 45 days,
from the onset of marketing to closing, offering certainty of execution to the
developer,” he said.
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| Nicholas Coo |
Faris Lee generated
multiple competing offers from both institutional investors and private
investors, based throughout the U.S. It was this broad range of competing
offers that Faris Lee leveraged to increase the price and improve the terms for
the family trust who bought the property.
“Through Faris Lee’s
proactive branding and marketing strategy, we were able to highlight the future
of Total Wine as a strong retail concept, as well as the long-term value
provided by the property’s location,” said Nicholas Coo.
Total Wine &
More is ideally located near two large shopping centers: the
535,000-square-foot Avenue Viera shopping center and the 336,000-square-foot
Shoppes at Lake Andrew. Nearby national retailers include Target, Petco, Pier
One Imports, Hobby Lobby, Ross Dress for Less and Old Navy, among others.
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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