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Faris Lee Closes Albertsons Sales in WA, NV
Faris Lee Investments completed the $22.4-million sale of two single-tenant Albertsons/Safeway stores totaling 106,254 square feet in Henderson, NV, near Las Vegas, and Millwood, WA, a Spokane suburb. The two separate transactions’ average cap rate of 4.63% is reportedly the lowest for single-tenant Albertsons/Safeway-occupied properties in the western region.
The team of Jeff Conover and Scott DeYoung represented the two separate 1031 exchange buyers on behalf of the seller, a family private office from Southern California.
The 58,254 square-foot Henderson store is the anchor to a neighborhood shopping center and sold at a 4.77% cap rate to a Los Angeles-based buyer. The 48,000-square-foot, freestanding Millwood Albertsons traded to a Bay Area buyer at a 4.5% cap rate.
“These two properties generated exceptional interest given the strength of the tenant, long-term leases, and the secure and stable nature of the investments,” said Conover.
- ◦Sale/Acquisition
