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Faris Lee Closes 1031 Deal for Indianapolis Strip Center
Faris Lee Investments has completed the $7.7-million sale of a 100% leased, eight tenant, 22,968-square-foot strip center, Fortune Park Shoppes, in Indianapolis.
Jeff Conover, managing principal, and Scott DeYoung, senior managing director at Faris Lee Investments, represented the seller, a private office group based in the Midwest. They also procured a Southern California-based buyer in a 1031 exchange, represented by Commercial Facilities Inc.
The center includes both national tenants (T-Mobile, Great Clips, Sprint, and McAlister’s) and mom-and-pop local tenants. The pad shops strategically fronts Costco & Embassy Suites and are near Walmart, hotels, restaurants, business centers, and banks.
“Having local banking relationships was the key to this sale as we were able to obtain financing while selling the property 100 basis points more aggressive than the market comps during a rising interest rate environment,” said Conover.
- ◦Sale/Acquisition