Marcus & Millichap Brokers $3M Sale of Net-Leased Retail Asset in North Plainfield, New Jersey

NORTH PLAINFIELD, N.J. — Marcus & Millichap has brokered the $3 million sale of a 13,222-square-foot retail asset net leased to Advance Auto Parts in North Plainfield, about 30 miles southwest of New York City. Alan Cafiero, Brent Hyldahl and Ben Sgambati of Marcus & Millichap represented the seller, an individual/personal trust, in the transaction. The trio also secured a limited liability company as the buyer. Both parties requested

Marcus & Millichap Negotiates $22.5M Sale of Smart & Final Grocery Store Location in Westlake Village, California

WESTLAKE VILLAGE, CALIF. — Marcus & Millichap has arranged the sale of an asset occupied by a Smart & Final grocery store in Westlake Village, a suburb of Los Angeles. The triple-net-leased asset sold for $22.5 million, or $448 per square foot.The property totals 50,242 square feet with Smart & Final as the main tenant. However, 12,500 square feet is subleased to Dollar Tree on a 10-year, triple-net lease, with Smart & Final responsible for all aspects of the …

JLL Arranges $4.3 Million Sale of Retail Building in Long Beach, California

LONG BEACH, CALIF. — JLL Capital Markets has arranged the $4.5 million sale of a newly constructed, 1,839-square-foot retail building at 5865 E. Spring St. that is triple-net leased to The Coffee Bean & Tea Leaf in Long Beach.Adam Friedlander of JLL marketed the property on behalf of the seller, Pacific West Property Group Inc. An undisclosed private investor acquired the property in an all-cash transaction as part of a 1031 exchange. Alan Wong of DAAG Developments acted as the …

Envoy: Demand for Net Lease to Quickly Outpace Supply in 2021

 Ralph Cram, President of Envoy Net Lease Partners, LLC, is seeing dramatic change in the net lease space in 2021: in the past couple months he's seen cap rates with 25 to 35 basis point drops on active deals, increased 1031 exchange activity and robust interest in net-lease properties."What we've really seen in the last six months is the demand for investment-grade, net-lease properties has skyrocketed — partly because people aren't buying nonessential or …

Realty Income Corp. Buys 21-Property Convenience Store Portfolio in Hawaii for $109.4M

HAWAII — A subsidiary of Realty Income Corp. has acquired a 21-property gas station/convenience store portfolio located throughout Hawaii. Par Pacific Holdings sold the portfolio in a fee-simple sale-leaseback transaction for $109.4 million.The portfolio includes 12 properties in O’ahu, two facilities in Kauai, four properties in Maui and three properties on the island of Hawaii. The transaction also included a new master lease agreement to lease back the sites on a triple-net …

SRS Brokers $2.9M Sale of Starbucks-Occupied Property in Porterville, California

PORTERVILLE, CALIF. — SRS Real Estate Partners has arranged the sale of a freestanding, single-tenant retail building located at 421 Vandalia Ave. in Porterville. A Southern California-based owner and developer sold the asset to a California-based investor in a 1031 exchange for $2.9 million, or $960 per square foot.Built in 2008, the 2,992-square-foot property was originally an El Pollo Loco restaurant until it was renovated in 2020 for Starbucks Coffee, which occupies the property under …

Faris Lee Investments Brokers $22.6M Sale of Central Plaza Shopping Center in Lake Elsinore, California

LAKE ELSINORE, CALIF. — Faris Lee Investments has arranged the $22.6 million sale of Central Plaza Shopping Center in Lake Elsinore, with the $2.8 million sale of ULTA Beauty as the last piece of the break-up strategy for asset. The seller was HFC/PRP Elsinore LLC. The names of the buyers were not released.The Faris Lee team arranged the sale of a total of seven different properties within the center to seven different buyers. The transactions include a single-tenant, net-leased …

Marcus & Millichap Brokers Sale of Torchy’s Tacos-Occupied Building in Denver for $3.2M

DENVER — Marcus & Millichap has brokered the acquisition the of a restaurant property located at 6325 E. Hampden Ave. in Denver. A private investor purchased the asset from another private investor for $3.2 million.Torchy’s Tacos occupies the 5,045-square-foot property, which features a drive-thru and outdoor seating, on a net-lease basis.Brian Bailey and Drew Isaac of Marcus & Millichap secured and represented the buyer, while Robin Nicholson of David, Hicks & Lampert …

Hanley Investment Group Arranges $2.6M Sale of New Starbucks-Occupied Property in Rancho Cordova

RANCHO CORDOVA, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a newly constructed, single-tenant retail property located within Zinfandel Village, a shopping center in Rancho Cordova. An Orange County-based private investor acquired the property from Irvine-based Pacific Castle Management for $2.6 million.Starbucks Coffee occupies the 2,200-square-foot freestanding building with a drive-thru, which is located at 2875 Zinfandel Drive. Other tenants at …

Envoy Discusses Construction, Bridge Loan Lending, Future of Net Lease

Ralph Cram, president and manager of Envoy Net Lease Partners LLC, is responsible for providing strategy, marketing and investment advice on all aspects of net lease property investments. He believes 2021 will be a banner year for net lease, and that Envoy is particularly well suited when it comes to providing “one-stop shopping” for developers. Finance Insight: How is Envoy is different from a “normal” commercial real estate finance provider? Cram: Envoy's focus is construction and …

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