IRVINE, CALIF. – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $9.8 million acquisition of a 55,259-square-foot retail property that is triple-net leased by Safeway in Phoenix.
Managing Director Christopher DePierro of Faris Lee Investments represented the Southern California-based buyer, a family trust. The seller, CF Albert Propco, LLC was represented by Marcus & Millichap.
Built in 2008 and situated on 6.27 acres of land at 5035 W. Baseline Road, the property has a new, 20-year triple-net corporate-guaranteed lease in place with Safeway. The property also includes 237 parking spaces.
This asset is a nice fit for the buyer’s 1031 exchange upleg trade property as it provides an absolute NNN lease with no landlord responsibilities, corporate guaranty, and solid NOI growth throughout the lease term,” said DePierro.
The property is well located at the corner of S. 51st Ave. and W. Baseline Road in an infill area of Phoenix and is located within Laveen Ranch Marketplace which includes additional retailers including Bank of America, Papa John’s Pizza, UPS Store, Firestone, Sonic, a Safeway Fuel station, among others. The property is well located adjacent to Dignity Health Arizona General Hospital and is 10 miles southwest of downtown Phoenix.
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.
Faris Lee is also strategic partner with X Team Retail Advisors, an integrated platform of retail real estate specialists that offers coverage in 40 major markets across the United States and Canada encompassing more than 265 professionals. X Team provides specialty expertise in tenant, property and developer/landlord representation, property dispositions and retail investments.