IRVINE, Calif. – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $24.25 million sale of a freestanding, 132,805-square-foot, single-tenant retail property occupied by Home Depot in Spokane, WA.
Nicholas Coo, Matthew Mousavi, and Patrick Luther of Faris Lee Investments represented the buyer, Realty Income Corp., as well as the seller, American Realty Capital Properties. The closing cap rate was 6.26 percent.
“Faris Lee marketed this asset to private, high net worth investors, 1031 exchange buyers, as well as traditional institutional bidders,” said Luther. “There was a competitive bidding process between multiple potential buyers and ultimately, we selected a public real estate investment trust, which was able to match the pricing generated by the private market, while offering the seller certainty of execution.”
Mousavi noted that the transaction wasn’t without challenges. “With a lease term under ten years; rents slightly above market; and no reported store sales; our team focused its marketing efforts on the strength of the location, the credit of Home Depot, and the uniqueness of a Pacific Northwest big box opportunity.”
Situated on 9.91 acres at 9116 N. Newport Highway, the property is well-located at the junction of N. Newport Highway and N. Division St. and is within the central retail corridor of Spokane with nearby retailers including WalMart Supercenter, Target, T.J. Maxx, Costco, PetSmart, Best Buy and many others.
About Faris Lee Investments:
Faris Lee Investments is a leading retail advisory and investment sales firm. The company’s high-level retail investment advisors and sophisticated financing experts develop forward-thinking strategies for all retail acquisitions and dispositions and guide clients through complex transactions. Cumulatively, Faris Lee’s leadership has been involved in more than $20 billion of transactions. Faris Lee’s senior advisors are skilled in disposition and acquisition strategies, asset positioning and valuation, marketing, debt and equity structuring, strategic workout and REO solutions and execution. For more information, visit www.farislee.com.