Faris Lee Brokers $9.8M Acquisition of Retail Property in Phoenix
PHOENIX — Faris Lee Investments has arranged the acquisition of a retail property located at 5035 W. Baseline Road in Phoenix. A family trust purchased the property from CF Albert Propco for $9.8 million.
Safeway occupies the 55,259-square-foot property on a new 20-year, triple-net, corporate-guaranteed lease. The property includes 237 parking spaces and was built in 2008.
Christopher DePierro of Faris Lee Investments represented the buyer, while Marcus & Millichap represented the seller in the deal.