FARIS LEE INVESTMENTS COMPLETES $5.4 MILLION SALE OF PHOENIX RETAIL CENTER
PHOENIX, AZ – March 8, 2011 – (RealEstateRama) — Faris Lee Investments, the nation’s largest retail investment advisory firm, has completed the $5.4 million sale of Garden Lakes Centre, an 88,075-square-foot retail center situated on 8.85 acres. Built in 1988, the center is located at 10720 West Indian School Road in Phoenix near the major cross street of 107th Ave. The center is 83 percent occupied and includes two anchor tenants, Savers and Dollar General.
David Wetta and Joe Compagno, managing directors in Faris Lee’s Phoenix office, represented the buyer in the transaction, Ethan Christopher, a private investor from Encino, Calif. CBRE represented the real estate-owned bank seller, Sterling Savings Bank out of Spokane, Wash.
“Faris Lee’s knowledge of the Phoenix market enabled us to locate an ideal buyer for Garden Lakes Centre,” Compagno said. “We identified a buyer who owns a large portfolio of shopping centers on the west side of Phoenix and also has a good relationship with Savers. The Garden Lakes Centre property presented an attractive cap rate for the buyer and a strong value-added play.”
“Values for the majority of retail centers in the Phoenix area have bottomed out,” Wetta said. “As that bottoming-out has been recognized and Phoenix is poised to recover as a growth market, we’ve witnessed an increasing investor interest in Arizona, and in particular, from California-based investors.”
Rick Chichester, COO, Faris Lee Investments, added that as California investor interest in the Arizona retail property market increases, the firm is able to provide exceptional marketing synergy between Arizona and California. “Property owners in key Arizona markets see a value in our ability to cross-sell with well-leveraged California buyers.”
In 2010, Irvine-Calif.-based Faris Lee Investments began adding senior-level talent and offices, increasing its national reach and presence. The firm’s expansion has been driven by client demand and the opportunity to leverage the firm’s well-established advisory platform and creative capital structure. Faris Lee now operates in Phoenix, Las Vegas, Atlanta, Miami and Irvine, California with additional openings expected in 2011.
About Faris Lee Investments
Faris Lee Investments is a leading national real estate advisory firm. The company’s high-level retail investment and financing experts develop forward-thinking strategies for all retail acquisitions and dispositions and guide clients through complex transactions. Cumulatively, the Faris Lee’s leadership has been involved in more than $20 billion of transactions. Faris Lee’s senior experts are skilled in disposition and acquisition strategies, 1031 exchanges, asset positioning and valuation, marketing, debt and equity structuring, strategic workout and REO solutions and execution. For more information, please visit www.farislee.com.
