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$14M Sale of NNN-Leased Retail Property

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.

By Kristian Seemeyer | Updated on November 02, 2014

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. 

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