Faris Lee Investments Completes $7.1 Million Sale of 24 Hour Fitness Occupied Retail Property in Lee’s Summit, MO
Irvine, CA – June 27, 2011 – (RealEstateRama) — Faris Lee Investments, the nation’s largest retail investment advisory firm, has completed the $7.1 million sale of a NNN leased, single-tenant, 35,600-square-foot property occupied by 24 Hour Fitness located at 900 NE Deerbrook St. in Lee’s Summit, MO. Built in 2007 and situated on 3.53 acres, the property is just off highway 291 and is within a busy retail area that includes Wal-Mart Supercenter, Office Max, Sears and many other national retailers and dining.
Matthew Mousavi, director with Faris Lee Investments, represented the buyer, a private family trust, from Hawaii. Baum Realty out of Chicago represented the seller, CFM 291 Fitness, LLC from Omaha, NE. The transaction closed in just 30 days.
“We were able to secure a phenomenal deal for our client,” said Mousavi. “The closing cap rate was 9.45 percent and will be a 10.65 cap rate in 2013 with 12 percent increases every five years thereafter. Faris Lee was able structure a very clean, quick, and no hassle all-cash offer that was lower than asking price to maximize value for our client.”
The buyer is currently working with Faris Lee’s Capital Markets Group for a potential refinance of the property that will take advantage of historically low interest rates. “These low rates coupled with the high cap rate will result in the buyer’s immediate cash on cash return to be well over 14 percent,” added Mousavi.
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.
