REBusinessOnline

Interest Rate Cuts Bolster Net-Lease Investment

The Federal Reserve’s decision to reverse its monetary policy and lower short-term interest rates has fueled demand for single-tenant, net-leased retail assets with regard to both deal volume and the entrance of new buyers into the space, although cap rate movement has been slow to reflect this growth.  The nation’s central bank implemented three 25-basis-point cuts in 2019, creating a lower cost of capital for prospective buyers in the net-lease market and generating positive impacts on …

Marcus & Millichap Negotiates $7M Sale of Service Station/Convenience Store in Brighton, Colorado

BRIGHTON, COLO. — Marcus & Millichap has arranged the sale of Kum & Go, a service station and convenience store located in Brighton, a northeastern suburb of Denver. A limited liability company sold the property for $7 million. Located at 5112 E. Bromley Lane, the 6,975-square-foot, net-leased property features 12 gas pumps and 24 nozzles for personal vehicles and four semi bays for commercial vehicles. The property also features a Go Fresh Market and charging stations for electric …

Hines, Oaktree Capital Sell PacSun-Occupied Office Building in Anaheim for $44M

ANAHEIM, CALIF. — Hines and funds managed by Oaktree Capital Management have completed the sale of a single-tenant office building located at 3450 E. Miraloma Ave. in Anaheim. A family trust bought the property for $44 million. Built in 2002 as a build-to-suit for Pacific Sunwear of California (PacSun), the property features 180,000 square feet of Class A office space, large floor plates, a cafeteria, outdoor sports courts and ample surface parking. PacSun occupies the property on a …

Farbman Group Launches Chicago-Based Net Lease Division

NORTHBROOK, ILL. — NAI Farbman Group, a full-service real estate company based in Southfield, Michigan, has launched FarbNET, a new metro Chicago-based division focused on selling net lease assets. National commercial real estate expert Mark Lewensohn leads the division, which focuses on the office, industrial, healthcare and retail sectors. The FarbNET office is located at 40 Skokie Blvd. in Northbrook. The decision to open a net lease division was based on “significant growth occurring in …

CBRE Brokers $16.8M Sale of Newly Built Industrial Property in Southern California

BURBANK, CALIF. — CBRE has arranged the sale of a newly built industrial building located at 3700 Vanowen St. in Burbank. Shubin Nadal Realty Investors & Penwood Real Estate Investments sold the asset to Crown Realty Development and its affiliate, CPF Vanowen Associates, for $16.8 million. ARRI Inc., a designer and manufacturer of camera and lighting systems for the film and broadcast industry, occupies the 39,829-square-foot property on a 15-year triple-net lease. The building …

SRS Arranges $6.6M Ground Lease Sale of Restaurant Asset in Garden Grove, California

GARDEN GROVE, CALIF. — SRS Real Estate Partners has arranged the ground lease sale of a single-tenant restaurant property, located 12001 Harbor Blvd. in Garden Grove, 1.2 miles south of Disneyland. A Southern California-based partnership sold the asset to a private investor for $6.6 million, or $1,072 per square foot. Outback Steakhouse occupies the 6,180-square-foot property on an absolute triple-net lease basis that was recently extended for an additional 20 years. Patrick Luther and …

ASB Real Estate Investments Buys Bloomington Logistics Center in California for $100.5M

BLOOMINGTON, CALIF. — ASB Real Estate Investments, on behalf of its Allegiance Real Estate Fund, has acquired Bloomington Logistics Center, a warehouse and distribution building in Bloomington. Crow Holdings Industrial, the industrial development division of Dallas-based Crow Holdings, sold the asset for $100.5 million. Completed in 2019, Bloomington Logistics Center features 36-foot clear heights, ESFR sprinklers, 185-foot wide truck courts, three percent skylights, LED lighting, …

JLL Arranges $18.3M Sale of 66,780 SF Office Building in Las Vegas

LAS VEGAS — JLL has negotiated the sale of an office building situated on 4.5 acres at 1551 Hillshire Drive in Las Vegas. A private capital investor acquired the property from Las Vegas-based Moonwater Capital for $18.3 million. Shift4, a payment processing and technology company, occupies the single-tenant, 66,780-square-foot property on a triple-net lease basis. Completed in 1993, the office building recently underwent a complete renovation between 2018 and 2019. The property serves as a …

Boulder Group Arranges $1.6M Sale of Mississippi Store Leased to Dollar General

QUITMAN, MISS. — Investment real estate service firm The Boulder Group has arranged the $1.6 million sale of a single-tenant store leased to Dollar General located at 403 S. Archusa Ave. in Quitman, 25 miles south of Meridian. The 12,596-square-foot property is located along Mississippi Highway 18. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a commercial real estate investment firm based in the Southwest United States, in the transaction. The buyer, a …

Spirit Realty Capital Acquires 123 Single-Tenant Retail Properties from Service Properties Trust for $435M

DALLAS AND NEWTON, MASS. — Spirit Realty Capital Inc. (NYSE: SRC), a net-lease REIT based in Dallas, has purchased a national single-tenant retail portfolio for $435 million. The portfolio’s seller is Service Properties Trust (NASDAQ: SVC), a net-lease retail and lodging REIT based in the western Boston suburb of Newton. The portfolio spans 26 states and includes 123 stores leased to 54 different concepts. About a third of the portfolio is leased to restaurants, including Wendy’s, …

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