Faris Lee arranges 1031 exchange in Ohio

L.A. investor buys shopping mall

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Faris Lee Investments negotiated the sale of Sycamore Plaza at Kenwood, a 320,000-square-foot shopping mall in Cincinnati, Ohio. The value of the transaction was $61.5 million. The mall is located at the intersection of Kenwood and Montgomery Roads. Built in 1966 and renovated in 1994, Sycamore Plaza at Kenwood boasted a more than 90 percent occupancy rate at the time of sale with noteworthy tenants such as Barnes & Noble, Toys 'R' Us, Lazarus Furniture Gallery and Dick's Sporting Goods. Morgan Stanley sold the property to RP Properties, a private investment group in Los Angeles, Calif., as a 1031 exchange. Through Faris Lee Investment's New York office, headed by Tim Baydala, David Lee of Faris Lee Investments represented the buyer. Granite Partners LLC, a New York-based real estate investment banking company, represented Morgan Stanley. Irvine, Calif.-based Faris Lee Investments is an advisory and brokerage firm specializing in retail real estate. *** What's your opinion?...