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| Hobby Lobby building, 1290 Western Boulevard, Jacksonville, NC |
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| Matthew Mousavi |
IRVINE, CA – Faris Lee Investments, a leading retail
advisory and investment sales firm, has completed the $7.88 million sale of a
single-tenant retail property occupied by Hobby Lobby in Jacksonville, NC.
The property is new construction and Hobby Lobby
recently opened its doors and commenced its triple-net, 15-year lease.
Matthew Mousavi and Patrick Luther of Faris Lee Investments represented the buyer, a privately held
equity fund out of New York, as well as the seller, the developer of the
property based in North Carolina. The closing cap rate was 6.5 percent.
Faris Lee marketed
the property while it was under construction and generated multiple offers from
a wide range of buyer profiles including private investors, investment funds,
and public REITs.
“Because this
property was under construction at the time we took the property to market,
Faris Lee identified an ideal buyer that was willing to remove all
contingencies with a non-refundable deposit within a short due diligence period,
and then close escrow upon Hobby Lobby's opening,” said Mousavi.
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| Patrick Luther |
Single-tenant
properties that are new construction with a national brand signed as a tenant
are arguably the most in-demand asset within the retail sector today,” said
Luther.
Luther added that at
a 6.5 percent cap rate, this sale represents one of the lowest cap rates on
record for a forward commitment Hobby Lobby transaction.
Located at 1290
Western Blvd, the property totals 55,000
square feet. The site offers excellent street visibility and close proximity to
several national tenants such as Target, Lowe’s, Kohl’s, PetsMart and
WalMart.
For a complete copy
of the company’s news release, please contact:
Darcie Giacchetto
Spaulding Thompson
& Associates
949.278.6224
.
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