IRVINE, CA – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $5.7 million sale of a single-tenant retail property occupied by Best Buy (top left photo).
Built in 2003, the 30,000-square-foot property is situated on 3.14 acres and is located at 5916 W. Loop 289 in Lubbock, Texas.
Jeff Conover (middle right photo), senior managing director with Faris Lee Investments, represented the all-cash buyer, Cole BB Lubbock TX, LLC, a buying entity of Cole Real Estate Investments from Phoenix.
Conover also represented the seller, Hawaii-based Lubbock HPI, LP. The property garnered multiple offers and closed at a 7.95 percent cap rate.
“Faris Lee marketed the property through our proprietary database of institutional, 1031 exchange, and private capital buyers,” said Conover.
“Ultimately, we identified Cole Real Estate Investments, a real estate investment trust from Arizona who saw the intrinsic value of the property based on its key location and high tenant sales volume, as well as the absolute triple-net lease from Best Buy, a national credit tenant.”
Conover added that Best Buy has eight years remaining on its 15-year lease plus four, five-year options to extend the term.
The property is ideally positioned with strong visibility from State Loop 289 (60,000 vehicles per day) and State Spur 327 (21,400 vehicles per day) and caters to over 249,000 people within its trade area, including Texas Tech University with approximately 32,000 students.
Best Buy is also adjacent to many major retailers including Home Depot, Lowe’s, and Target. In addition, the property is across the freeway from the South Plains Regional Mall, which is the premier enclosed mall in West Texas and is anchored by Dillards, JCPenney, Bealls, and Sears.
Contact:
Darcie Giacchetto, 949.278.6224
Spaulding Thompson & Associates
For Faris Lee Investments
