11/10/2008

Faris Lee completes $4.76M 1033 Exchange

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Orange County-based 277 Walker Road, LLC, has purchased a single-tenant retail property in Prescott, Ariz., for $4.76 million from Los Angeles-based PRICPETS Prescott Trust.

Patrick Kent, director of Faris Lee Investments, represented the buyer, who was in a 1033 Exchange. Dennis Vaccaro, also with Faris Lee, represented PRICPETS in the transaction, which closed with a 6.1 percent capitalization rate.

The retail building is located near Highway 69 at 277 North Walker Rd. and contains 22,036 square feet. Built in 1997, it is situated on 2.39 acres and is fully occupied by PetsMart.

Address: 277 N. Walker Rd., Prescott, Ariz.

Size: 22,036 square feet

Built: 1997

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Filed Under: Retail

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