IRVINE, CA -Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed a portfolio sale consisting of three NNN-leased, single-tenant, free-standing restaurant properties occupied by Applebee’s in the states of Maryland, West Virginia, and Virginia. All three properties offered franchisee-guaranteed leases with 15 years remaining.
Matthew Mousavi, Patrick Luther, and Nicholas Coo of Faris Lee Investments represented both the buyer and the seller in the transaction. The seller was Noble AP II, Ltd. a privately owned real estate company based in Florida, and the buyer was Store Master Funding V, LLC, a net leased REIT based in Arizona. The properties garnered the highest price per square foot for an Applebee’s-occupied restaurant portfolio to date according to CoStar.
“Faris Lee generated multiple competing offers on all of the locations individually, as well as multiple portfolio offers,” said Mousavi. “We went very deep on the marketing of the individual properties and it was through this break-up of the portfolio that maximized offer activity and ultimately the final pricing with an experienced buyer who paid all-cash and was able to close quickly which was important to seller.”
Faris Lee had several of its offices focused on executing the sale of the portfolio. With more than $100 million in active restaurant inventory listed, there is a constant flow of buyer and broker requirements creating cross-selling synergy for the firm.
About Faris Lee Investments
Faris Lee Investments is a leading national real estate investment advisory firm, comprised of three (3) integrated business platforms; Faris Lee Investment Banking, Faris Lee Capital and Faris Lee Advisors. The company’s high-level retail investment advisors and sophisticated financing experts develop forward-thinking strategies for all retail acquisitions and dispositions and guide clients through complex transactions. Cumulatively, Faris Lee’s leadership has been involved in more than $20 billion of transactions. Faris Lee's senior advisors are skilled in disposition and acquisition strategies, asset positioning and valuation, marketing, debt and equity structuring, strategic workout and REO solutions and execution. For more information, please visit www.farislee.com.