Monday, March 7, 2011
David Wetta and Joe Compagno, managing directors in Faris Lee’s Phoenix office, represented the buyer in the transaction, Ethan Christopher, a private investor from Encino, Calif. CBRE represented the real estate-owned bank seller, Sterling Savings Bank out of Spokane, Wash.
“Faris Lee’s knowledge of the Phoenix market enabled us to locate an ideal buyer for Garden Lakes Centre,” Compagno said. “We identified a buyer who owns a large portfolio of shopping centers on the west side of Phoenix and also has a good relationship with Savers. The Garden Lakes Centre property presented an attractive cap rate for the buyer and a strong value-added play.”
“Values for the majority of retail centers in the Phoenix area have bottomed out,” Wetta said. “As that bottoming-out has been recognized and Phoenix is poised to recover as a growth market, we’ve witnessed an increasing investor interest in Arizona, and in particular, from California-based investors.”
In 2010, Irvine-Calif.-based Faris Lee Investments began adding senior-level talent and offices, increasing its national reach and presence. The firm’s expansion has been driven by client demand and the opportunity to leverage the firm’s well-established advisory platform and creative capital structure.
Faris Lee now operates in Phoenix, Las Vegas, Atlanta, Miami and Irvine, California with additional openings expected in 2011.
For more information, please visit http://www.farislee.com/
Contact: Darcie Giacchetto, Spaulding Thompson & Associates; For Faris Lee Investments, 949.278.6224