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Seattle & Northwest  + Washington  + Retail  | 
Faris Lee Investments brokered two separate 1031 exchange deals for single-tenant Albertsons/Safeway stores in Nevada and Washington State

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.  

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Faris Lee's Conover

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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