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Faris Lee Arranges Out-of-State Restaurant Deals for Long Beach Investor
Faris Lee Investments arranged the acquisitions of a Longhorn Steakhouse in Marietta, GA, and a Hardee’s in Bloomington, IN. Director Nick Miller at Faris Lee represented a Long Beach-based 1031 investor looking to acquire out-of-state single-tenant net-leased investments.
The Longhorn Steakhouse transaction closed at $3,121,000, representing a 5.77% cap rate. This opportunity consisted of a new absolute NNN 10-year extension with a wholly-owned subsidiary of Darden Restaurants, providing passive management and stability. Despite the investor remaining out of the market for the past 20-plus years and the market disparity between buyer and seller pricing expectations, the transaction closed smoothly in 27 days.
The Hardee’s transaction closed at $2,451,000, for a 5.95% cap rate. This deal included a long-term absolute NNN lease with Hardee’s. Despite facing similar challenges, this transaction closed simultaneously with the Longhorn Steakhouse, satisfying the client’s 1031 exchange requirements.
