September 22, 2016 Comments Off on Faris Lee Closes Chicago Fire Pizza Deal Views: 318 California, California News, Orange County, West

Faris Lee Closes Chicago Fire Pizza Deal

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.”

Connect with Faris Lee’s Chichester

For comments, questions or concerns, please contact Dennis Kaiser

Share on FacebookTweet about this on TwitterShare on LinkedInEmail this to someone

Tags: , , , , , , , , ,

Comments are closed.