Scottsdale-based STORE Capital recently snapped up four retail sites in Kentucky and Tennessee, each occupied by an LA Fitness, from a private seller for $36M. Irvine-Calif.-based Faris Lee Investments CEO Richard Chichester—who brokered the deal with colleagues Matt Mousavi, Patrick Luther, and Tom Chichester—tells us lease audits of each property uncovered $3M in additional value by IDing areas where NOI could be increased. Lease auditing, Richard says, gives owners a chance to reconcile the lease provisions with the operations of the asset. “Too many times, there are gaps in how the lease is being interpreted and managed," he says. (Call it the real estate equivalent of searching for coins in the couch cushions.)
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