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| Retail Center, 7101 Laguna Boulevard, Elk Grove, CA |
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| Jeff Conover |
IRVINE, CA – Faris Lee Investments, a leading retail
advisory and investment sales firm, has completed the $3.51 million sale of a
7,096-square-foot retail property in Elk Grove, Calif.
The property includes a
single-tenant freestanding restaurant building that is NNN-leased to Chicago
Fire Pizza, one of the Sacramento region’s top pizza restaurants.
Jeff Conover and Thomas Chichester with Faris Lee Investments represented the seller,
EGB Elk Grove, LLC. The buyer, Berkeland Family Revocable Living Trust, was
represented by Matthews Retail Advisors. The closing cap rate was 6.5
percent.
“Faris Lee aggressively
marketed this property and received a total of 15 offers with multiple backup
offers,” said Chichester. “We identified a strong, all-cash buyer that was in a
1031 exchange and closed escrow in just 16 days.”
Chichester added that the
tenant recently signed a new 15-year lease with extension options, providing
the buyer with stable income and limited landlord responsibilities.
Built in 2005 and
renovated in 2015, the property is situated on 1.47 acres at 7101 Laguna Blvd.
and is adjacent to the 442,000-square-foot Laguna Crossroads Center which
includes Target, Orchard Supply Hardware, and Steinmart.
The property is also
within a strong retail corridor with other retailer brands including The Home
Depot, T.J. Maxx, BevMo, PetSmart, and Best Buy. It is within an area with more
than 292,000 consumers within a 5-mile radius.
For a complete copy of the company’s news release,
please contact:
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