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| Matthew Mousavi |
IRVINE, CA – Faris Lee Investments, a leading retail
advisory and investment sales firm, has completed the $7.6 million pre-sale of Petco
& Shops, an approximately 22,500-square-foot newly constructed property
in Gastonia, NC, a rapidly growing submarket of Charlotte.
The property is fully leased and includes a
12,500-square-foot free-standing building occupied by Petco, and two
free-standing pad buildings each totaling approximately 5,000 square feet with
Select Comfort, Massage Envy Spa, Firehouse Subs, and Tijuana Flats as tenants. All the tenants have new 10-year triple-net
leases.
Matthew Mousavi and Patrick Luther of Faris
Lee Investments represented the seller, a privately held development company
based in North Carolina. Shaun Riley of Faris Lee Investments
represented the buyer, a private investor from Arizona who was in a 1031
Exchange.
Situated on 2.26
acres at 2272-2290 E. Franklin Boulevard, Petco & Shops is within a growing
retail corridor. It is ideally located at the north side of East Franklin
Boulevard/Highway 74 and is near the on/off ramp of Interstate 85.
 |
| Patrick Luther |
As part of a
pre-sale strategy, Faris Lee marketed the property well before the completion
of construction, ensuring certainty of execution for the developer, while still
capturing full forward-looking value for the asset. Faris Lee's buyer was
non-contingent with a non-refundable deposit in place prior to property’s
tenants opening for business.
“Faris Lee’s marketing outreach highlighted the growing
market and surrounding retail fundamentals of the immediate area,” said
Mousavi.
“We also
repositioned the center as a "Lifestyle" retail destination for the
community, and renamed the property to better suit the tenancy and the retail
orientation of the property.
“We generated multiple competing offers from across the
country and helped the seller select a qualified, out-of-state buyer who
offered very aggressive price and terms.”
For a complete
copy of the company’s news release, please contact:
Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224
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