{"id":1004104072,"date":"2014-09-19T14:30:31","date_gmt":"2014-09-19T22:30:31","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=292852"},"modified":"2022-12-06T01:05:13","modified_gmt":"2022-12-06T09:05:13","slug":"faris-lee-closes-22m-sale-of-watson-marketplace-in-buckeye","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/faris-lee-closes-22m-sale-of-watson-marketplace-in-buckeye\/","title":{"rendered":"Faris Lee Closes $22M Sale of Watson Marketplace in Buckeye"},"content":{"rendered":"

By Liviu Oltean, Associate Editor<\/em><\/p>\n

\"\"<\/a><\/p>\n

Watson Marketplace<\/p>\n<\/div>\n

Faris Lee Investments, an Irvine-based retail advisory and investment sales firm, recently announced that it helped close the $22 million sale of Watson Marketplace, a fully-leased 90,000-square-foot retail center in Buckeye. The transaction comprised 55,153 square feet of retail space leased to national credit and regional tenants such as Goodwill, Denny\u2019s and The UPS Store; plus two retail pads totaling about 10,000 square feet and ground-leased to McDonald’s and Bank of America.<\/p>\n

Senior Managing Director Matthew Mousavi and Managing Directors Chris Tramontano and Patrick Luther of Irvine, Calif.-based Faris Lee represented the seller, Desert Troon Companies, which also developed the property. The buyer, San Diego-based Interstate Holdings, was represented by \u00a0Tramontano and Faris Lee Investments Director Tom Chichester.<\/p>\n

Located at 441\u2013733 S. Watson Road, the center is part of the South Watson Road retail corridor and is across the street from Sundance Towne Center, which features high-profile tenants such as Walmart Supercenter and Lowe\u2019s. Spread across approximately 19.5-acres, Watson Marketplace also boasts a high traffic count due to its proximity to Interstate 10.<\/p>\n

\u201cFaris Lee implemented a breakup strategy for the property,\u201d said Tramontano in a statement. \u201cMarketing the anchored portion of the center and the two ground-leased retail pads individually would maximize value and meet the seller\u2019s objective of selling the entire project this year. We secured several strong offers, particularly for the McDonald\u2019s and Bank of America pads, which were in the low 4 percent cap rate range. However, the San Diego buyer required a larger transaction as part of the up-leg of its 1031 Exchange. Because of this, we negotiated an attractive, all cash-offer with an aggressive blended cap rate for the entire center.\u201d<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Faris Lee Investments, an Irvine-based retail advisory and investment sales firm, recently announced that it helped close the $22 million sale of Watson Marketplace, a fully-leased 90,000-square-foot retail center in Buckeye, AZ. The transaction entailed 55,153 square feet of retail space leased to national credit and regional tenants such as Goodwill, Denny’s and The UPS Store; and two retail pads totaling at approximately 10,000 square feet, ground-leased to a McDonald’s and a Bank of America branch.<\/p>\n","protected":false},"author":1158,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1601],"tags":[],"class_list":["post-1004104072","post","type-post","status-publish","format-standard","hentry","category-latest","category-phoenix"],"acf":[],"yoast_head":"\nFaris Lee Closes $22M Sale of Watson Marketplace in Buckeye - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/faris-lee-closes-22m-sale-of-watson-marketplace-in-buckeye\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Faris Lee Closes $22M Sale of Watson Marketplace in Buckeye\" \/>\n<meta property=\"og:description\" content=\"Faris Lee Investments, an Irvine-based retail advisory and investment sales firm, recently announced that it helped close the $22 million sale of Watson Marketplace, a fully-leased 90,000-square-foot retail center in Buckeye, AZ. The transaction entailed 55,153 square feet of retail space leased to national credit and regional tenants such as Goodwill, Denny’s and The UPS Store; and two retail pads totaling at approximately 10,000 square feet, ground-leased to a McDonald’s and a Bank of America branch.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/faris-lee-closes-22m-sale-of-watson-marketplace-in-buckeye\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-09-19T22:30:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-06T09:05:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/09\/Watson-Marketplace.jpg\" \/>\n<meta name=\"author\" content=\"Liviu Oltean\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/faris-lee-closes-22m-sale-of-watson-marketplace-in-buckeye\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/faris-lee-closes-22m-sale-of-watson-marketplace-in-buckeye\\\/\"},\"author\":{\"name\":\"Liviu Oltean\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/a12696609e74785a9cb5f8f7eae8bbd0\"},\"headline\":\"Faris Lee Closes $22M Sale of Watson Marketplace in Buckeye\",\"datePublished\":\"2014-09-19T22:30:31+00:00\",\"dateModified\":\"2022-12-06T09:05:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/faris-lee-closes-22m-sale-of-watson-marketplace-in-buckeye\\\/\"},\"wordCount\":294,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/faris-lee-closes-22m-sale-of-watson-marketplace-in-buckeye\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2014\\\/09\\\/Watson-Marketplace.jpg\",\"articleSection\":[\"News\",\"Phoenix\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/faris-lee-closes-22m-sale-of-watson-marketplace-in-buckeye\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/faris-lee-closes-22m-sale-of-watson-marketplace-in-buckeye\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/faris-lee-closes-22m-sale-of-watson-marketplace-in-buckeye\\\/\",\"name\":\"Faris Lee Closes $22M Sale of Watson Marketplace in Buckeye - 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