Faris Lee Arranges $7M Sale of Fresno Shopping Center
Irvine-based Faris Lee Investments has arranged the $7 million sale of Country Squire Shopping Center, a Walgreens-anchored retail center in Fresno, CA. The firm’s Sean Cox, Alex Moore and Shaun Riley represented both parties in the transaction, which closed with an All-Cash 1031 exchange buyer.
The fully occupied property located at 4172 N. First St. sits on 4.3-acres at a highly-trafficked intersection. The Center also has two undeveloped land pads on separate parcels providing the opportunity to ground lease or build to suit for tenants to increase the net operating income.
“Investors were drawn to this asset because of the safety of the long-term leases to quality credit tenants, coupled with the ability to add value over the long term in developing the additional two pads,” said Cox in a news release.
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.