California + Orange County + Retail | November 28, 2022

Faris Lee Arranges $11M Sale of Sacramento Net-Leased Sprouts

Irvine, CA-based retail real estate specialist, Faris Lee Investments, has arranged the sale of a single-tenant, net-leased sale of a Sprouts Farmers Market in the Sacramento submarket of Folsom, CA. The $11.3 million sale represented a 5.45% cap rate, one of the lowest for a single-tenant grocery story in NorCal, according to a Faris Lee news release. The buyer was a private investor from San Diego.

The property sits on a 2.7-acre parcel in a high-trafficked retail location, adjacent to Target, Lowe’s and Trader Joe’s, and is part of a larger center including Planet Fitness and Petco.

“Since Sprouts occupies only a portion of a former OSH Warehouse, the Faris Lee team had to craft and finalize a condo map to divide and portion-off the excess 15,000 square feet while negotiating the sale terms and getting the deal closed,” said Faris Lee’s Jeff Conover, who represented the seller, VR Folsom LLC, along with the firm’s Shaun Riley and Scott DeYoung.

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About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

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