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LEE'S SUMMIT, MO. — Faris Lee Investments has completed the sale of a 35,600-square-foot retail building triple-net leased to 24 Hour Fitness for $7.1 million. Constructed in 2007, the property is located on 3.53 acres at 900 NE Deerbrook St. Matthew Mousavi of Faris Lee represented the buyer, a Hawaii-based family trust. Chicago-based Baum Realty represented the Omaha, Neb.-based seller. The property closed at a 9.45 percent cap rate, which will increase to 10.65 percent in 2013 and increase 12 percent every five years thereafter. The buyer is also working with Faris Lee's Capital Markets Group to refinance the property.