Net Lease

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

by Amy Works March 10, 2021

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 Marshalls; a single-tenant, net-leased Panera Bread with drive-thru; a two-tenant pad occupied by Pieology and Ono Hawaiian BBQ; a single-tenant, net-leased Five Below; a single-tenant, net-leased Sketchers; a single-tenant, net-leased Miguel Jr.’s with drive-thru; and the single-tenant, net-leased ULTA Beauty. Situated on 7.3 acres, Central Plaza is a 66,000-square-foot retail center located at the junction of Interstate 15 and Central Avenue. Jeff Conover and Chris DePierro of Faris Lee Investments represented the seller in all the transactions.

March 10, 2021

Acquisitions Colorado Net Lease Restaurant Retail Western

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

by Amy Works March 3, 2021

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 represented the seller in the deal.

March 3, 2021

Acquisitions California Net Lease Restaurant Retail Western

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

by Amy Works February 26, 2021

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 Zinfandel Village include Grocery Outlet, Pizza Hut, Burger King, Popeyes, Lumber Liquidators, Little Caesars, Skechers and Sourdough & Co. Bill Asher and Kevin Fryman of Hanley Investment represented the seller, while Eric Reuveni of Encino-based Los Angeles Commercial Real Estate Group represented the buyer in the deal.

February 26, 2021

Features Finance Insight Loans Midwest Net Lease Northeast Southeast Texas Western

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

by Sarah Daniels February 24, 2021

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 bridge loan lending on single-tenant, net-lease properties in most commercial real estate segments such as retail, restaurant, medical and industrial properties. What differentiates us from most lenders is that first and foremost, Envoy can lend up to 100 percent of the total project costs. A developer receives all the project’s capital from one source without having to take on outside investors and time-consuming joint-venture (JV) and related agreements. Envoy’s “one-stop shopping” allows developers to concentrate on what they do best and provides the entirety of financing and other capital considerations for a given project. Second, the only thing we do is lend on net-lease properties, so we are experts. We don’t do an apartment loan one day and a PPP loan the next. We don’t leave, enter and then re-exit the net-lease market and …

February 24, 2021

Loans Net Lease Office Washington Western

Gantry Arranges $12.5M in Financing for Net-Leased Office Building in Seattle

by Amy Works February 18, 2021

SEATTLE — Gantry has arranged $12.5 million in financing for a single-tenant office property in Seattle’s South Lake Union submarket. Located at 1144 Eastlake Ave. E, the seven-story building features 82,000 square feet of rentable space. The property was built in 2002. Seattle Cancer Care Alliance fully occupies the building. Mike Wood and Alex Saunders of Gantry’s Seattle production office identified and structured the loan on behalf of the borrower, a private real estate owner and previous Gantry client. The 10-year loan refinanced existing obligations. State Farm provided the capital on a full-term interest-only basis at an interest rate below 2.5 percent.

February 18, 2021

Acquisitions Industrial Net Lease Retail Top Stories

W.P. Carey Acquires 1.5 MSF National Portfolio of Net-Leased Properties for $149M

by Taylor Williams February 15, 2021

NEW YORK CITY — W.P. Carey Inc. (NYSE: WPC) has acquired a 1.5 million-square-foot portfolio of net-leased properties for $149 million. The acquisition comprises three separate deals involving industrial and retail properties in various markets, including California, New Jersey and Pennsylvania. In the first deal, the New York City-based REIT acquired two cold storage production and distribution facilities in California’s Central Valley region. The tenant, a summer fruit grower, sold the properties to W.P. Carey for $75 million in a sale-leaseback transaction. The tenant signed a 25-year, triple-net lease with fixed annual rent increases. In the second transaction, W.P. Carey purchased seven auto dealerships totaling 170,000 square feet that were net leased to Auto Lenders, a retailer of used vehicles, for $55 million. Located in New Jersey and Pennsylvania, the facilities comprise the entirety of Auto Lenders’ operating footprint, including dealerships, servicing centers and headquarters for each of its business segments. The seller was not disclosed. In the third deal, the firm acquired two industrial facilities totaling 296,300 square feet that were net leased to a global plastics distributor. The tenant, which has committed to a 20-year, triple-net lease with fixed annual rent increases, sold the properties to W.P. Carey …

February 15, 2021

Acquisitions Colorado Healthcare Leasing Activity Net Lease Office Western

Avison Young Capital Markets Negotiates $57M Sale-Leaseback of Wellness Campus Near Vail, Colorado

by Amy Works February 10, 2021

EDWARDS, COLO. — Avison Young Capital Markets has arranged the sale-leaseback of All Points North Lodge, a comprehensive wellness and treatment campus in Edwards, approximately 20 minutes west of Vail. WC Acquisition Holdings LLC acquired the asset from All Points North Lodge (APN Lodge) for $57 million. The seller will lease back the building as part of a long-term deal. Opened in March 2020, the 77,000-square-foot facility offers addiction and mental health treatments, trauma therapy, crisis management, coaching and personal development workshops, concierge medicine, athletic performance programs and advanced practices and activities. The patient-centered facility recently underwent a $20 million improvements program. Jonathan Hipp, Richard Murphy, Stan Wyrwicz and Rich Egitto of Avison Young Capital Markets represented the seller in the deal.

February 10, 2021

Acquisitions California Net Lease Retail Western

Hanley Investment Group Arranges $11.3M Sale of 30,476 SF Retail Property in Orange County

by Amy Works January 28, 2021

STANTON, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $11.3 million sale of a 30,476-square-foot, single-tenant retail building in the Orange County community of Stanton. The property is net leased to Smart & Final Extra! and was remodeled in 2008. Eric Wohl, Ed Hanley and CJ Kiehler of Hanley represented the seller, 7050 Katella Avenue LLC, in the transaction. Oliver Wang of RE/MAX Premier Properties represented the buyer, a private investor from Los Angeles.

January 28, 2021

Acquisitions California Industrial Net Lease Western

BentallGreenOak Acquires 607,208 SF North Bay Logistics Center in Fairfield, California

by Amy Works January 25, 2021

FAIRFIELD, CALIF. — BentallGreenOak, on behalf of a discretionary investment vehicle, has purchased North Bay Logistics Center, a fully net-leased distribution warehouse in Fairfield. Terms of the transaction, including the name of the seller and acquisition price, were not released. Built in 1995, the cross-dock, 607,208-square-foot property features functional tenant space with 30-foot clear heights, wide column spacing, ESFR sprinklers, 56 dock-high doors, eight grade-level doors, ample truck and trailer parking and low office finish space. Situated on more than 28 acres, North Bay Logistics Center is within a mile of the convergence of interstates 80 and 680 and CA-12. Mark Detmer, Ryan Sitov, Andie Fezell, Matt Bracco and Glen Dowling of JLL Capital Markets represented the seller in the deal. Additionally, Bruce Ganong, Alex Witt, Tom Gilliland and Lauren Mezzanotte of JLL Capital Market Debt Placement secured an acquisition loan for the buyer. BentallGreenOak has retained JLL to manage the property, with Tracy Scifo of JLL Property Management leading the team.

January 25, 2021

Acquisitions California Net Lease Restaurant Retail Western

Hanley Investment Negotiates $2.6M Sale of Chili’s-Occupied Building in Lake Elsinore, California

by Amy Works January 22, 2021

LAKE ELSINORE, CALIF. — Hanley Investment Group has arranged the sale of a single-tenant restaurant property located at Lake Elsinore Marketplace, a 144,034-square-foot shopping center in Lake Elsinore. Irvine-based Pacific Castle sold the asset to an Orange County-based private investor for $2.6 million. Built in 2005 and renovated in 2019, the 6,300-square-foot restaurant pad is located at 29233 Central Ave. Chili’s Grill & Bar occupies the property under an absolute triple-net lease. Additional tenants at Lake Elsinore Marketplace include Starbucks Coffee, Popeyes, Wendy’s, Del Taco, Panda Express, Valvoline and Wells Fargo. Kevin Fryman and Bill Asher of Hanley Investment Group represented the seller, while Dhanesh Solanki of Brea-based KW Commercial represented the buyer in the transaction.

January 22, 2021

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