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Faris Lee Investments Completes $12M Sale

PHOENIX—Faris Lee Investments has completed the $12 million sale of a 45,000-square-foot, single tenant, NNN-leased retail property occupied by LA Fitness in Goodyear.

By Kristian Seemeyer | Updated on November 10, 2014

PHOENIX—Faris Lee Investments has completed the $12 million sale of a 45,000-square-foot, single tenant, NNN-leased retail property occupied by LA Fitness in Goodyear.

Chris Tramontano, Patrick Luther and Matthew Mousavi of Faris Lee Investments represented the seller, DTD – Devco 9, LLC, out of Scottsdale. The buyer, a private family trust from Los Angeles, was represented by Republic Commercial Real Estate. The buyer was in a 1031 exchange up-leg with a property out of California and placed a small loan on the asset to cover debt as part of its 1031 exchange. The closing cap rate was 6.8 percent.

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