September 22, 2016
Irvine, CA-based Faris Lee Investments completed the $3.5-million sale of a single-tenant retail asset in Elk Grove, CA. The more than 7,000-square-foot freestanding property on 1.47 acres is NNN-leased to Chicago Fire Pizza, and closed at a cap rate of 6.5%.
Faris Lee Investments’ Jeff Conover and Thomas Chichester represented the seller, EGB Elk Grove, LLC. Matthews Retail Advisors represented the buyer, Berkeland Family Revocable Living Trust.
The tenant recently signed a new 15-year lease with extension options, providing the buyer with stable income and limited landlord responsibilities. That factor drove strong investor interest. Chichester says they received 15 offers, and ultimately “identified a strong, all-cash buyer that was in a 1031 exchange and closed escrow in just 16 days.”
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