Net Lease

Hanley Investment Brokers $8.5M Sale of Smart & Final-Occupied Property in Murrieta, California

by Amy Works January 21, 2022

MURRIETA, CALIF. — Hanley Investment Group Real Estate Advisors has negotiated the sale of a single-tenant retail property located in Murrieta. A San Diego-based private partnership sold the building to Los Angeles-based Anza Drive Properties for $8.5 million. Smart & Final Extra occupies the 20,750-square-foot property, which is situated at the intersection of Madison Avenue and Los Alamos Road, on a net-lease basis. The building was built in 2003. Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller, while Kris Hons of Glendale, Calif.-based Stevenson Real Estate Services represented the buyer in the transaction.

January 21, 2022

Acquisitions California Industrial Lee & Associates Net Lease Western

Lee & Associates Negotiates $15.9M Sale of Industrial Building in Carlsbad, California

by Amy Works January 12, 2022

CARLSBAD, CALIF. — Lee & Associates has arranged the sale of an industrial property located at 3205 Lionshead Ave. in Carlsbad. Lionshead LLC sold the asset to Oak Canyon LLC for $15.9 million. At the time of sale, the 47,850-square-foot freestanding building was 100 percent triple-net leased on a long-term basis. Chris Roth, Rusty Williams and Jake Rubendall of Lee & Associates – NSDC represented the seller, while James deRegt of Lee & Associates – Newport represented the buyer in transaction.

January 12, 2022

Acquisitions Net Lease Retail Texas

RealSource Negotiates Sale of 37,030 SF West Houston Retail Property Leased to LA Fitness

by Taylor Williams January 10, 2022

HOUSTON — California-based brokerage firm RealSource Group has negotiated the sale of a 37,030-square-foot single-tenant retail property in West Houston that is net leased to LA Fitness. Austin Blodgett of RealSource Group, in conjunction with ParaSell Inc., represented the seller, a Houston-based private developer, in the transaction. Roger Oser of Newmark represented the California-based buyer. Both parties requested anonymity. The deal traded at a cap rate of 6.12 percent.

January 10, 2022

Acquisitions California Net Lease Retail Western

Hanley Investment Group Arranges $8M Sale of 7-Eleven-Occupied Property in Santa Rosa, California

by Amy Works December 22, 2021

SANTA ROSA, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a newly constructed, single-tenant investment property located at 136 College Ave. in Santa Rosa. Pleasant Hill-based California Capital Group sold the asset to an El Dorado Hills-based private investor for $8 million. Jeremy McChesney of Hanley represented the seller, while Chris Fenolio of Weller Partners represented the buyer in the transaction. A 7-Eleven with a gas station occupies the 2,988-square-foot property on a net-lease basis.

December 22, 2021

Acquisitions Net Lease Northeast Pennsylvania Retail

Stan Johnson Co. Negotiates $10.8M Sale of Philadelphia Retail Condo Leased to CVS

by Taylor Williams December 15, 2021

PHILADELPHIA — Stan Johnson Co., an Oklahoma-based brokerage firm specializing in net-leased retail assets, has negotiated the $10.8 million sale of a 12,485-square-foot retail condo in Philadelphia that is leased to CVS. The store is housed within a 62-unit multifamily building known as Shirt Corner that is located in the Old City District. Brandon Duff, Austin Duff, Matt Spangenberg and Mack Wolfgram of Stan Johnson Co. represented the seller, a Chicago-based private investor, in the transaction. The buyer was a 1031 exchange investor from Indiana.

December 15, 2021

California Company News Net Lease Office Western

Realty Income Completes Spin-Off of Orion Office REIT

by Amy Works November 17, 2021

SAN DIEGO AND BALTIMORE — Realty Income Corp. (NYSE: O) has completed the spin-off of substantially all of its office assets into Orion Office REIT Inc. (NYSE: ONL), a new, independent, publicly traded REIT. Orion Office REIT specializes in the ownership, acquisition and management of a diversified portfolio of mission-critical and corporate headquarters office buildings in high-quality suburban markets across the United States. The portfolio is leased primarily on a single-tenant, net-lease basis to creditworthy tenants. Under the terms of the spin-off, Realty Income stockholders received one share of Orion common stock for every 10 shares of Realty Income common stock held as of the record date of Nov. 2, 2021. Wells Fargo Securities served as lead financial advisor, Moelis & Co. served as financial advisor and Latham & Watkins LLP acted as legal advisor to Realty Income in connection with the spin-off. Realty Income is based in San Diego, while the spin-off, according to SEC filings, is based in Baltimore.

November 17, 2021

21572-Plano-Trabuco-Rd-Trabuco-Canyon-CA

Acquisitions California Net Lease Retail Western

Faris Lee Arranges $4.2M Sale of CVS-Occupied Building in Trabuco Canyon, California

by Amy Works November 5, 2021

TRABUCO CANYON, CALIF. — Faris Lee Investments has arranged the sale of a freestanding retail building located in Trabuco Canyon. Southern California-based ValueRock Realty acquired the property from an undisclosed seller for $4.2 million. CVS/pharmacy occupies the property, located at 21572 Plano Trabuco Road, on a triple-net lease basis. Rich Chichester and Don MacLellan of Faris Lee, in partnership with John Cumbelich of Cumbelich & Associates, represented the seller and buyer in transaction.

November 5, 2021

Acquisitions California Net Lease Restaurant Retail Western

SRS Real Estate Partners Negotiates $8.2M Sale of Raising Cane’s-Occupied Property in San Bernardino

by Amy Works November 4, 2021

SAN BERNARDINO, CALIF. — SRS Real Estate Partners has arranged the sale of a restaurant building located at 1857 S. Tippecanoe Ave. in San Bernardino. An affiliate of Red Mountain Group sold the property to a San Diego-based high-net-worth investor for $8.2 million. Raising Cane’s Chicken Fingers occupies the 4,086-square-foot property, which was built in 2017 on 1.2 acres and has more than 11 years remaining on its absolute triple-net lease. Matthew Mousavi and Patrick Luther of SRS’s National Net Lease Group represented the seller, while Jim Casale of Lee & Associates represented the buyer in the deal. According to SRS Real Estate, the transaction is the highest price point for a Raising Cane’s property sold to date on a national basis.

November 4, 2021

1600-Desert-Surf-Circle-NE-Albuquerque-NM

Acquisitions Net Lease New Mexico Retail Western

Marcus & Millichap Brokers Sale of TopGolf-Leased Property in Albuquerque

by Amy Works November 4, 2021

ALBUQUERQUE, N.M. — Marcus & Millichap has arranged the sale of a retail building located at 1600 Desert Surf Circle NE in Albuquerque. A limited liability company acquired the asset for an undisclosed price. The name of the seller was not released. TopGolf occupies the 25,525-square-foot property, which was built in 2021, on a net-lease basis. Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office, along with Matthew Reeves of the firm’s New Mexico office, handled the transaction.

November 4, 2021

Acquisitions California Net Lease Restaurant Retail Western

Marcus & Millichap Arranges Sale of Starbucks-Occupied Property in Oakland

by Amy Works October 28, 2021

OAKLAND, CALIF. — Marcus & Millichap has brokered the sale of a retail building located at 470 Lake Park Ave. in Oakland. A limited liability company sold the asset to an undisclosed buyer for $3.5 million. Starbucks Coffee net leases the 1,600-square-foot property, which was built in 1968. Chris Lind and Mark Ruble of Marcus & Millichap’s Phoenix office represented the seller in the deal. David Nelson of Marcus & Millichap’s Oakland office was broker of record for the transaction.

October 28, 2021

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