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| Pecanland Commons, 4209--4299 Pecanland Mall Drive, Monroe, LA |
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| Richard Chichester |
IRVINE, CA – Faris Lee Investments, the nation’s largest
retail-specialized investment advisory firm, has completed the record-breaking
sale of Pecanland Commons, a fully leased Target-anchored regional
shopping center located at 4209-4299 Pecanland Mall Drive in Monroe, LA.
The center includes Ross Dress for Less, Bed, Bath &
Beyond, Petco, and other notable tenants. Target was not a part of the sale.
Built in 2003,
Pecanland is situated on 8.6 acres and is located near the on/off ramp to
Interstate 20, providing customers with easy access to the center. It is also
near the Pecanland Mall, which is the largest mall in North Louisiana with more
than 100 department and specialty stores.
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| Matthew Mousavi |
Richard
Chichester, Matthew Mousavi and Thomas Chichester of Faris Lee
Investments, along with co-broker, Beezie Landry of Stirling Property
Group, represented the seller, a large TIC.
The buyer was TKG, a privately owned real estate company, based in
Missouri, and was self-represented.
At a sale cap rate
of 7.6 percent, this transaction represented one of the lowest cap rates
achieved for a multi-tenant retail
center in Louisiana for the last seven years per Costar records.
“Faris Lee generated
over 10 competing offers from private 1031 exchange buyers, as well as public
and private institutional investors.
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| Tom Chichester |
“ The sale price exceeded all expectations, and reflects a
multi-stage bidding process whereby Faris Lee received offers throughout the
marketing period, selected the highest bidders once receiving multiple offers
from a range of buyer profiles, and went into multiple rounds of negotiations
with the top bidders until the maximum price and best terms were achieved,”
said Richard Chichester, president and CEO of Faris Lee Investments.
The strong sale
price was garnered despite some challenges including hesitancy from out-of-area
buyers about the local market area, short-term rollover with the anchor tenants
and uncertainty surrounding the tenants’ intent to renew their leases.
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| Beezie Landry |
“Faris Lee’s marketing strategy was to overcome potential
objections by highlighting the property’s position within the region which
draws from a 30-mile radius,” commented Mousavi, managing director with Faris
Lee.
“We targeted a wide
range of buyers, and generated offers from groups who have never owned retail
assets in Louisiana.
“This diverse offer activity allowed us to maximize the
price for the TIC ownership, shorten the time frame of the transaction and
remove any financing contingency.
“Ultimately, we were able to successfully execute at a level
of pricing that many thought was not possible, within a quick turn around. We
are confident the new ownership will further enhance the center’s draw and
appeal within this active retail corridor.“
For a complete
copy of the company’s news release, please contact:
Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224
.
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