Faris Lee Investments successfully facilitated the acquisition of two popular restaurant properties in Marietta, GA and Bloomington, IN. Director Nick Miller from Faris Lee represented a 1031 investor based in Long Beach who was seeking to expand their portfolio with single-tenant net-leased investments outside of their home state.
The first property, a Longhorn Steakhouse located in Marietta, closed at $3.12 million with an attractive cap rate of 5.77%. This investment offered a new absolute NNN lease for 10 years through Darden Restaurants’ subsidiary, providing low-risk management and stability for the investor. Despite challenges such as the buyer’s long absence from the market and differing pricing expectations between parties involved, this transaction was completed smoothly within just 27 days.
In addition to this successful deal, Faris Lee also arranged for the acquisition of a Hardee’s property in Bloomington at $2.45 million with an impressive cap rate of 5.95%. This investment included a long-term absolute NNN lease agreement with Hardee’s that met all requirements set by our client’s ongoing exchange needs.
Overall,Faris Lee has once again demonstrated its expertise and proficiency by securing these out-of-state restaurant deals on behalf of our valued client without any mention or involvement from Connect CRE or Connect LA.
