Net Lease

Marcus & Millichap Brokers $2.2M Sale of Rally’s-Occupied Restaurant Space in Rialto, California

by Amy Works May 13, 2021

RIALTO, CALIF. — Marcus & Millichap has brokered the sale of a restaurant property located at 466 E. Foothill Blvd. in Rialto. A limited liability company sold the asset to an undisclosed buyer for $2.2 million. Rally’s occupies the 1,086-square-foot property, which was built in 2020, under a new 15-year absolute triple-net lease. The property features double drive-thru lanes. Zack House, Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller, while Matthew Luchs of Marcus & Millichap’s Ontario, Calif., office served as broker of record in the transaction.

May 13, 2021

Acquisitions Alaska Idaho Net Lease Oregon Retail Top Stories Washington Western

Institutional Property Advisors Brokers Sale of 28-Property Fred Meyer Portfolio in Pacific Northwest

by Jeff Shaw May 6, 2021

LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale-leaseback of a 28-property portfolio of net-leased Fred Meyer stores in the West. While the price was not disclosed, Marcus & Millichap’s research department claims that the sale is the largest retail transaction since the beginning of the COVID-19 pandemic. Fred Meyer is a wholly owned subsidiary of Kroger (NYSE: KR) and features a superstore-style format. Benderson Development acquired the 4.5 million-square-foot portfolio. The Fred Meyer portfolio is located in Shoreline, Bellingham, Everett, Lynnwood, Longview, Vancouver, Puyallup, Richland and Tacoma, Washington; Eugene, Salem, Albany, Beaverton, Corvallis, Portland, Medford, Oregon City, Roseburg, Springfield, The Dalles and Tualatin, Oregon; Nampa and Garden City, Idaho; and Anchorage, Alaska. “The Pacific Northwest has always been one of our top areas of interest to grow our national footprint,” says Randy Benderson, president and director of Benderson Development. “Fred Meyer is a leader in these markets and we’re very pleased to strengthen and enhance our long-term partnership with them.” Kroger will execute new 25-year absolute net leases for each property, with an initial portfolio-wide base rent totaling $25 million per year. Tom Lagos, Patrick Toomey, Jose Carrazana, Jessica Baram and Ryan …

May 6, 2021

Acquisitions California Net Lease Retail Western

Marcus & Millichap Brokers $8.9M Sale of Walgreens-Occupied Property in Reseda, California

by Amy Works April 29, 2021

RESEDA, CALIF. — Marcus & Millichap has arranged the sale of a retail building located at 18430 Sherman Way in Los Angeles. A limited liability company sold the asset for $8.9 million. The buyer was an undisclosed limited liability company. Walgreens occupies the 14,900-square-foot property under a lease agreement until 2023. The buyer plans to redevelop the property – most likely to multifamily – upon lease expiration. The property allows for the development of up to 223 residential units. Brandon Michaels of Marcus & Millichap represented the seller and buyer in the deal.

April 29, 2021

Acquisitions Arizona Industrial Net Lease Western

CBRE Brokers Sale-Leaseback of 49,815 SF Industrial Facility in Phoenix

by Amy Works April 20, 2021

PHOENIX — CBRE has arranged the sale-leaseback of an industrial property located at 1815 Deer Valley Road in Phoenix. A private, Los Angeles-based investor acquired the asset for $6.9 million, or $140 per square foot. Regency Technologies, an IT asset conversion service provider, sold the facility and signed a 10-year, triple-net lease to occupy the 49,815-square-foot property. Geoffrey Turbow, Matt Pourcho, Gary Stache, Anthony DeLorenzo, Bryan Johnson, Gary Cornish, Rusty Kennedy, Pat Feeney and Danny Calihan of CBRE represented the seller in the transaction.

April 20, 2021

Acquisitions Net Lease New Jersey Northeast Retail

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

by Taylor Williams April 6, 2021

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 anonymity.

April 6, 2021

Acquisitions California Net Lease Retail Western

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

by Amy Works March 18, 2021

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 lease. Lior Regenstreif of Marcus & Millichap represented the seller, Riverside Villas LLC, in the transaction.

March 18, 2021

Acquisitions California Net Lease Restaurant Retail Western

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

by Amy Works March 18, 2021

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 buyer’s consultant. Situated 20 miles south of downtown Los Angeles, The Coffee Bean & Tea Leaf was constructed in 2020 and features a drive-thru along with an outdoor patio that can accommodate up to 90 customers.

March 18, 2021

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

by Sarah Daniels March 17, 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 non-investment-grade tenants.” There is a supply constraint though: with many 2020 projects delayed, Cram anticipates 12 months before supply can reach the market — making for a tight market. Finance criteria for net lease clients, construction loan programs, development risks, outlining the process for lending overall and 2021 goals are concepts covered in this video interview for Finance Insight. This article is posted as part of REBusinessOnline’s Finance Insight series. Click here to subscribe to the Finance Insight newsletter, a four-part newsletter series, followed by video interviews delivered to your inbox in March.

March 17, 2021

Acquisitions Hawaii Net Lease Retail Western

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

by Amy Works March 12, 2021

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 basis. D. Andrew Ragsdale, Ken Hedrick, Jerry Hopkins, Kristian Neilson and John Curtis of Newmark’s Net Lease Capital Market, in cooperation with Jackson Nakasone of NAI CBI Hawaii, represented the seller in the transaction.

March 12, 2021

Acquisitions California Net Lease Restaurant Retail Western

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

by Amy Works March 12, 2021

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 a 10-year, triple-net lease. The building also features a drive-thru lane. Matthew Mousavi and Patrick Luther of SRS National Net Lease Group represented the seller, while Bryan Cifranic of Commercial Retail Associates represented the buyer in transaction.

March 12, 2021

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