Net Lease

Hanley Investment Group Brokers Sale of Grocery Outlet-Occupied Property in Kerman, California

by Amy Works June 16, 2022

KERMAN, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a newly completed, single-tenant retail property located at 14868 W. Whitesbridge Ave. in the Fresno County city of Kerman. A local private investment firm sold the asset to a San Mateo County.-based private investor for $6.4 million. Grocery Outlet occupies the 16,000-square-foot building on a net-lease basis. Based in Emeryville, Grocery Outlet has more than 420 stores in California, Washington, Oregon, Pennsylvania, Idaho, Nevada and New Jersey. Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller, while Nigel Keep of Kidder Mathews’ office in Silicon Valley, Calif., represented the buyer in the transaction.

June 16, 2022

Acquisitions Net Lease Retail Texas

Newmark Brokers Sale of 10,874 Single-Tenant Retail Property in Carrollton, Texas

by Taylor Williams June 13, 2022

CARROLLTON, TEXAS — Newmark has brokered the sale of a 10,874-square-foot, single-tenant retail property in the northern Dallas suburb of Carrollton that is net leased to Just Tires. Matt Berres, Samer Khalil, Karick Brown and Lispah Hogan of Newmark represented the seller in the transaction. Douglas Kim of Tru Promise Real Estate represented the buyer. Both parties were private investors that requested anonymity.

June 13, 2022

Acquisitions Net Lease Office Washington Western

Truist Securities Buys Office Building in Federal Way, Washington for $93.5M

by Amy Works June 9, 2022

FEDERAL WAY, WA. — An entity of Atlanta-based Truist Securities has purchased an office building located at 3201 S. 323rd St. in Federal Way. DaVita Inc. sold the asset for $93.5 million in a sale-leaseback transaction. At the time of sale, the seller signed a long-term lease for the entire facility. Constructed in 2021 on 11.2 acres, the 160,493-square-foot property serves as DaVita’s primary revenue operations office, staffing roughly 800 employees. The mission-critical facility is located approximately 20 minutes south of Seattle-Tacoma International Airport. The property served to consolidate operations from around the region under one roof and was designed to be expanded by 40,000 square feet at the option of the occupant in the future. Scott Briggs of Stan Johnson Co. represented the seller in the deal.

June 9, 2022

Acquisitions Healthcare Net Lease Nevada Office Western

Avison Young Brokers $8.4M Sale-Leaseback of Two Medical Office Buildings in Las Vegas

by Amy Works June 9, 2022

LAS VEGAS — Avison Young has arranged the sale-leaseback of two adjoining medical office buildings located at 7189 and 7195 Advanced Way in Las Vegas. Nashville, Tenn.-based Montecito Cos. acquired the assets from a group of six physician owners for $8.4 million, or $400 per square foot. Advanced Orthopedics and Sports Medicine fully occupy the two 21,000-square-foot properties. The seller signed a 15-year lease for the space. Built in 2009 and renovated in 2019 and 2020, the Class A properties feature orthopedic examination rooms, radiology and physical therapy spaces. The buildings are part of a three-building campus that includes an ambulatory surgery center building. Barton Hyde of Avison Young represented the seller in the deal.

June 9, 2022

Acquisitions Georgia Net Lease Restaurant Southeast

Marcus & Millichap Brokers $3.5M Sale of Metro Atlanta Restaurant Site Leased to Chick-fil-A

by John Nelson May 31, 2022

SUWANEE, GA. — Marcus & Millichap has brokered the $3.5 million sale of a single-tenant, net-leased restaurant in metro Atlanta ground leased to Chick-fil-A. Built in 2007, the property is located on a 1.2-acre lot at 1035 Peachtree Industrial Blvd. in Suwanee. A locally based, privately held buyer purchased the restaurant through a 1031 exchange in an all-cash transaction. Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group brokered the deal. “This transaction demonstrates the strong demand for trophy net-lease assets and the peak pricing they are commanding despite inflation and interest rate hikes,” says McMinn.

May 31, 2022

Acquisitions California Net Lease Retail Western

Kidder Mathews Brokers $18.1M Sale of Retail Property Leased to LA Fitness in Baldwin Park, California

by Amy Works May 19, 2022

BALDWIN PARK, CALIF. — Kidder Mathews has arranged the sale a retail property located at 13822 Garvey Ave. in Baldwin Park, an eastern suburb of Los Angeles. A private family investor sold the asset to an undisclosed buyer for $18.1 million in a 1031 exchange transaction. LA Fitness occupies the 45,000-square-foot facility, which is located at the intersection of Interstate 10 and Garver Avenue. Tanel Harunzade, Darrell Levonian and Brittney McCarthy of Kidder Mathews represented the seller in the deal., while Janet Neman and Angelica Gotzev of Kidder Mathews represented the buyer.

May 19, 2022

Acquisitions Connecticut Net Lease Northeast Retail

Marcus & Millichap Brokers $11.7M Sale of Two Connecticut Retail Properties Leased to Walgreens

by Taylor Williams May 17, 2022

MONROE AND NEWINGTON, CONN. — Marcus & Millichap has brokered the sale of two Connecticut retail properties that are net leased to Walgreens for a combined price of $11.7 million. Both properties, which are located in Monroe and Newington, total approximately 15,000 square feet. Nick Geaneotes, Steve Garthwaite and Derrick Dougherty of Marcus & Millichap represented the sellers, both of which were limited liability companies, in the transactions. The trio also procured the undisclosed buyers. Susan Bands of Marcus & Millichap assisted in closing both deals as the broker of record.

May 17, 2022

Acquisitions Alabama California Loans Net Lease Retail Tennessee Western Wisconsin

Tauro Capital Advisors Arranges $149.7M Bridge Loan for 24-Store Walgreens Portfolio

by Amy Works May 6, 2022

LOS ANGELES — Los Angeles-based Tauro Capital Advisors, on behalf of borrower IBF Properties, has facilitated a $149.7 million, one-year, floating-rate bridge loan for a 24-property Walgreens portfolio. The stores are located in nine states across the United States, primarily in Tennessee, Wisconsin and Alabama. The borrower is purchasing retail assets occupied by investment-grade tenants and plans to create a REIT to hold and operate the portfolio of income-producing real estate. Matt Bucaro, Eric Alvarez, Michael Bucaro, Matthew Ingle and Garryn Laws of Tauro Capital Advisors arranged the financing transaction. Benefit Street Partners was the lender. Totaling 314,852 square feet, the borrower purchased the portfolio in 2021. After acquisition, longer leases were negotiated for the majority of the tenants, which provided stability for those investors purchasing dividends within the REIT and offering a level of commitment by Walgreens to the sites and a low probability of leaving.

May 6, 2022

Acquisitions Net Lease New Jersey Northeast Retail

SRS Negotiates $17M Sale of Southern New Jersey Retail Property Leased to Best Buy

by Taylor Williams May 5, 2022

DEPTFORD, N.J. — SRS Real Estate Partners has negotiated the $17 million sale of a 60,750-square-foot retail property in the Southern New Jersey community of Deptford that is fully leased to Best Buy on a triple-net basis. The electronics retailer has occupied the six-acre site for more than 25 years. Andrew Fallon and Rick Fernandez of SRS represented the seller, a Chicago-based private investment firm, in the transaction. The buyer was Michigan-based REIT Agree Realty Corp. (NYSE: ADC).

May 5, 2022

Acquisitions Net Lease Office Washington Western

Newmark Negotiates Sale of 153,708 SF Meta-Occupied Office Building in Seattle

by Amy Works May 5, 2022

SEATTLE — Newmark has arranged the sale of 1101 Westlake, an office building located in downtown Seattle’s South Lake Union submarket. BioMed Realty acquired the property from Invesco Real Estate for an undisclosed price. Built in 2015, 1101 Westlake is a six-story, 153,708-square-foot creative office building featuring LEED Silver certification and views of Lake Union. The property is 100 percent net-leased to Meta Platforms. Kevin Shannon, Nick Kucha, Michael Moll, Ken White, Rachel Jones, Jeff Hodson, Jesse Ottele and Alex Foshay of Newmark represented the seller in the transaction.

May 5, 2022

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