Fifteen different sites in three different states required a great deal of work during the due diligence process, however, we were able to accomplish this and meet the expectations of both the seller and the buyer.
Irvine, CA, (PRWEB) September 17, 2008
Faris Lee Investments, the nation's largest retail-specialized investment sales team, announced today the $24 million sale of a 15-property portfolio occupied entirely by Del Taco in a sale-leaseback transaction. The restaurants are located in Arizona, California and Nevada and were built between 1998 and 2002.
Richard Walter and Dennis Vaccaro of Faris Lee Investments represented the buyer, Innovative Property Partners, LLC, et al., a group of investors based in Orange County, Calif. who were in a 1031 Exchange. Del Taco Corp., who represented itself in the transaction, executed 20-year absolute NNN leases with the buyer and will continue to operate the properties.
"Del Taco Corp. was interested in a quick sale of the properties and we were able to close the sale in just 45 days, which also met the needs of the 1031 buyer," said Richard Walter, president of Faris Lee Investments. "Fifteen different sites in three different states required a great deal of work during the due diligence process, however, we were able to accomplish this and meet the expectations of both the seller and the buyer."
Walter added that Faris Lee Capital, the financing arm for Faris Lee, coordinated and placed the financing for the buyer who was attracted to the long-term leases and well located properties.
Faris Lee is currently seeking other sale-leaseback opportunities to match buyer needs with niche opportunities. Faris Lee can provide better pricing in leaseback structures versus the typical "funds" that operate in this area due to the firm's extensive network of active 1031 investors.
About Faris Lee Investments
Based in Irvine, Calif., Faris Lee Investments is an advisory and brokerage firm specializing in retail real estate. The company's centralized team of high-level retail investment experts has developed forward-thinking strategies to maximize values of all retail acquisitions and dispositions. In 2007, Faris Lee completed more than $1.8 billion in sales of more than 122 retail centers throughout the United States. Cumulatively, the senior management team of Faris Lee has been involved in more than $20 billion of transactions, setting record-breaking cap rates on many of them. For more information, please visit FarisLee.com.