MONROE, LA-Faris Lee Investments, a retail-specialized investment advisory firm, has completed the sale of Pecanland Commons, a fully leased Target-anchored regional shopping center. The center includes Ross Dress for Less, Bed, Bath & Beyond, Petco, and other notable tenants. Target was not a part of the sale, and the terms were not disclosed.

Built in 2003, Pecanland is situated on 8.6 acres and is located near the on/off ramp to Interstate 20, providing customers with easy access to the center. It is also near the Pecanland Mall, which is the largest mall in North Louisiana with more than 100 department and specialty stores.

Richard Chichester, Matthew Mousavi and Thomas Chichester of Faris Lee Investments, along with co-broker, Beezie Landry of Stirling Property Group, represented the seller, a large TIC.  The buyer was TKG, a privately owned real estate company, based in Missouri, and was self-represented.

At a sale cap rate of 7.6% this transaction represented one of the lowest cap rates achieved  for a multi-tenant retail center in Louisiana for the last seven years per Costar records.

"Faris Lee generated over 10 competing offers from private 1031 exchange buyers, as well as public and private institutional investors. The sale price exceeded all expectations, and reflects a multi-stage bidding process whereby Faris Lee received offers throughout the marketing period, selected the highest bidders once receiving multiple offers from a range of buyer profiles, and went into multiple rounds of negotiations with the top bidders until the maximum price and best terms were achieved," said Richard Chichester, president and CEO of Faris Lee.

The strong sale price was garnered despite some challenges including hesitancy from out-of-area buyers about the local market area, short-term rollover with the anchor tenants and uncertainty surrounding the tenants' intent to renew their leases.

Faris Lee Investments is a leading national real estate investment advisory firm, comprised of three integrated business platforms; Faris Lee Investment Banking, Faris Lee Capital and Faris Lee Advisors. Cumulatively, Faris Lee's leadership has been involved in more than $20 billion of transactions.