REBusinessOnline

Faris Lee Negotiates $5.4M Sale of CVS-Occupied Building in Bakersfield, California

BAKERSFIELD, CALIF. — Faris Lee Investments has arranged the sale of a freestanding retail property located at 2690 Mount Vernon in Bakersfield. Southern California-based Intertex Property Advisors acquired the building from a Los Angeles-based developer for $5.4 million.The property is absolute triple-net leased to CVS Y Mas, which has occupied this location for 48 years. Other tenants include 99 Cents Only, Chase Bank, Arco AM/PM and Denny’s.Sean Cox and Jeff Conover of Faris Lee …

Marcus & Millichap Brokers $3.3M Sale of Walgreens-Occupied Property in Glendale, Arizona

GLENDALE, ARIZ. — Marcus & Millichap has arranged the sale of a retail building located at 8309 W. Glendale Ave. in Glendale. A limited liability company sold the property to an undisclosed limited liability company for $3.3 million.Walgreens occupies the 15,022-square-foot property on a net-leased basis. The building was construction in 2001.Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller and procured the buyer in the

Hanley Investment Arranges $20.7M Sale of Eight Single-Tenant Net-Leased Retail Properties in Houston Area

HOUSTON — California-based brokerage firm Hanley Investment Group Real Estate Advisors has arranged the sale of eight single-tenant net-leased (STNL) retail properties located throughout the Houston area. Louetta Automotive & Tire Service occupies all the properties, which sold to eight separate private investors for a combined price of $20.7 million. Louetta Automotive is now operating as Sun Auto Tire & Service and is backed by Los Angeles-based private equity firm Leonard Green …

Stanford Hotels Group Sells Walgreens-Occupied Retail Building in Huntington Beach for $11.3M

HUNTINGTON BEACH, CALIF. — Stanford Hotels Groups has completed the sale of a single-tenant retail property located at 19001 Brookhurst St. in Huntington Beach. A private 1031 exchange investor acquired the asset for $11.3 million.Walgreens occupies the 11,838-square-foot building on a triple-net, long-term lease. The tenant has occupied the property, which sits on 1.3 acres, since it was constructed in 2007.Daniel Tyner and Gleb Lvovich of JLL Retail Capital Markets represented the …

Rising Deal Volume Favors Sellers in Net-Lease Investment Market, Says InterFace Panel

NEW YORK CITY — As more players enter the market, rising demand for net-leased commercial properties in the United States is leading to higher prices and lower capitalization rates, making it a good time to be a seller of such assets.According to a new report by national brokerage firm The Boulder Group, average cap rates for net-leased retail, office and industrial properties fell by 22, 15 and 19 basis points, respectively, between the second and third quarters of this year. The number …

Marcus & Millichap Negotiates $9.6M Sale of Macy’s Furniture Gallery-Leased Property in Tigard, Oregon

TIGARD, ORE. — Marcus & Millichap has arranged the sale a retail property located at 9009 SW Hall Blvd. in Tigard. A limited liability company sold the property for $9.6 million.Macy’s Furniture Gallery has occupied the 50,808-square-foot property since 2008, with a triple-net lease extending through 2028.Scott Logan of Marcus & Millichap represented the seller in the deal. The name of the buyer was not

SRS Brokers $3.1M Sale of Maverick-Occupied Gas Station/Convenience Store in Salt Lake City

SALT LAKE CITY — SRS Real Estate Partners has arranged the sale of a gas station and convenience store property located at 2680 S. 2000 E in Salt Lake City. A Texas-based private investor and developer sold the asset to a Utah-based private independent petroleum marketer for $3.1 million.Maverick, an independent fuel marketer, occupies the 3,024-square-foot property. Built in 1983 and renovated in 2018, the property features an eight-pump gas station and high-volume convenience …

Marcus & Millichap Arranges $1.1M Sale of Retail Property in Tonasket, Washington

TONASKET, WASH. — Marcus & Millichap has brokered the sale of a retail building, located at 409 E. Whitcomb Ave. in Tonasket. A limited liability company sold the asset to another limited liability company for $1.1 million.U.S. Bank occupies the 4,754-square-foot property under a net-lease basis. The bank has operated at the location for 35 years and recently executed a five-year lease extension. The property recently underwent an interior remodel.Clayton Brown and Ruthanne Romero …

Boulder Group Arranges $2.4M Sale of Net-Leased Retail Property in Taylor, Texas

TAYLOR, TEXAS — The Boulder Group, an Illinois-based retail brokerage firm, has arranged the $2.4 million sale of a 6,912-square-foot retail property that is net-leased to Advance Auto Parts in Taylor, located northeast of Austin. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a private investor based in the Southwest, in the transaction. The undisclosed, West Coast-based buyer completed the deal via a 1031

SRS Brokers $5.5M Ground-Lease Sale of Raising Cane’s-Occupied Property in Barstow, California

BARSTOW, CALIF. — SRS Real Estate Partners’ National Net Lease Group (NNLG) has arranged the $5.5 million ground-lease sale of a retail building located at 2620 Fisher Blvd. in Barstow. Starboard Realty Advisors sold the asset to a Los Angeles-based private investor.Raising Cane’s Chicken Fingers occupies the property, which is situated on 1.25 acres and features a double drive thru. The building was constructed in 2020 and the restaurant opened for business in May 2021. The asset has …

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