PHOENIX—Faris Lee Investments, a retail advisory and investment sales firm, has completed the $13.7 million sale of a two-building, NNN-leased retail property in Peoria. Situated on 5.12 acres and totaling 51,200 square feet, the property is fully occupied by LA Fitness, OfficeMax, Carter's, and Styles for Less. The asset is located within the 66-acre Peoria Crossings regional power center that is co-anchored by Target, Kohl's, Ross, Michael's, and Petco.

Jeff Conover, senior managing director with Faris Lee Investments, represented the Indianapolis-based seller, Peoria Crossings Development LLC. The San Jose-based 1031 exchange buyer, El Rancho Company, was represented by Brian Mason of Colliers International. The transaction closed at a 7.5 percent cap rate.

Conover tells GlobeSt.com, “Located in a secondary market near Phoenix, this property had a lot of the fundamentals investors are looking for: strong tenants, growing submarket, and of course, an ideal location with major retail anchors nearby. We garnered a total of seven offers on this asset from primarily California buyers seeking to place capital before year end.