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| LA Fitness Wellington |
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| Richard Chichester |
IRVINE, CA– Faris Lee Investments, the nation’s largest
retail-specialized investment advisory firm, has completed the $36 million sale
of a four-property retail portfolio.
Totaling 186,052
square feet, the portfolio’s assets are each fully occupied by LA Fitness with
three properties located in Kentucky and one located in Tennessee.
Faris Lee represented both the buyer, Arizona-based STORE
Capital, a real estate investment trust, and the seller, a Kentucky-based
private entity.
Faris Lee developed
a strategic business plan to maximize the value of the portfolio. Specifically,
the firm created a break-up strategy for one of the assets by separating it
through a legal agreement from the rest of the retail center in which it was
located.
Additionally, Faris Lee uncovered over $3 million in
additional value by conducting lease audits of each property to identify areas
where net operating income could be increased. The team also coordinated a loan
pay-off to defease the loan, and directed a confidential bid process for
interested buyers.
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| Matt Mousavi |
“The success of this
portfolio sale was in the disciplined and managed approach that we took to
underwrite each asset, create a solution for the encumbered debt and
defeasance, and create a go-to-market strategy that encompassed a private bid
process,” stated Richard Chichester, president and CEO of Faris Lee
Investments.
“Through our focused
approach we ensured a seamless and coordinated transaction, resulting in a
successful outcome for both parties.”
Chichester, along with Matt Mousavi, Patrick Luther, and
Tom Chichester of Faris Lee Investments managed the complex transactional
process from pre-market to close.
Located in optimum areas for their respective regions, each
of the properties have long-term lease structures with three leases positioned
as absolute triple net allowing for no landlord responsibilities, and one lease
structured as triple net, allowing for minimal landlord responsibilities.
Details on each of the properties in the portfolio are as
follows:
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| Tom Chichester |
· 3001 Blake
James Drive in Lexington (Palumbo), KY totals 61,350 square feet and is
situated on 4.89 acres
· 1028
Wellington Way in Lexington (Wellington), KY totals 43,478 square feet and is
situated on 3.16 acres
· 6013
Preston Highway in Louisville (Preston), KY totals 48,500 square feet and is
situated on 3.9 acres
· 2401 Edge o
Lake Drive in Antioch, TN totals 32,724 square feet and is situated on 5.09
acres
The owner now benefits from assets occupied by LA Fitness.
Founded in 1984, LA Fitness International, LLC is a privately held fitness club
chain. It is one of the largest and fastest growing club chains in the fitness
industry with more than 576 locations.
For a complete copy of the company’s news release, please
contact:
Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224
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