Irvine, CA – August 2, 2011 – (RealEstateRama) — Faris Lee Investments, the nation’s largest retail investment advisory firm, has completed the $6.6 million sale of a NNN leased, single-tenant, 30,000 square foot property occupied by Best Buy located at 7021 120th Ave. in Kenosha, WI. Built in 2008 as a new smaller, prototype store for Best Buy, the property is situated on 3.88 acre and is located at two major thoroughfares at I-94 and Highway 50. The property is part of a regional shopping center surrounded by retail, dining and hotels.
Jeff Conover, senior managing director of Faris Lee Investments represented the all-cash REIT buyer, Phoenix-based Cole Capital, as well as the seller GM Investors from Del Mar, Calif. The property closed at a 7.73 percent cap rate.
“With just eight years remaining on the lease term, Faris Lee’s strategy for marketing the property was to focus on the successful retailer and store location that has been doing exceptional sales of approximately $1,100 per square foot annually,” said Conover. “Additionally, a planned I-94 and Highway 50 split interchange along with a new frontage road and no competition in the area, were also attractive factors to the investment for the buyer.”
The property is situated in a well-traveled area which sees more than 120,000 cars per day.
The Best Buy property is located within the regional retail hub for several other national and regional retailers including Woodmans Grocer, Gander Mountain, and Steinhafels Furniture serving the community of Kenosha and nearby cities with over 202,000 people within the area. The City of Kenosha benefits greatly from its location between Milwaukee and Chicago on the (I-94) freeway. While located just over the Illinois/Wisconsin state line, Kenosha is traditionally considered part of the Chicago MSA. The tax benefits from the tax savings Illinois consumers save by shopping just over the border, benefits the property with an increased volume of demand from shoppers.
About Faris Lee Investments
Faris Lee Investments is a leading national real estate investment advisory firm, comprised of three (3) integrated business platforms; Faris Lee Investment Banking, Faris Lee Capital and Faris Lee Advisors. 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, 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.