Net Lease

Consolidated-Tomoka Land Buys Metro D.C. Retail Asset Leased to 24 Hour Fitness for $21.3M

by John Nelson May 30, 2019

FALLS CHURCH, VA. — Consolidated-Tomoka Land Co. has purchased a 46,000-square-foot retail property in Falls Church for $21.3 million. The store has nine years remaining on its lease to 24 Hour Fitness and includes rental escalations. The property is also zoned for up to four stories and multiple uses, including residential. Consolidated-Tomoka Land bought the store in a 1031 exchange using proceeds from an $18.3 million sale of a 112,000-square-foot store in Winter Park, Fla., that is also leased to 24 Hour Fitness. The property includes a 1.6-acre outparcel that is under a 20-year ground lease to Wawa. Consolidated-Tomoka Land is a Florida-based, publicly traded real estate investor that owns approximately 2.3 million square feet of income properties in diversified markets in the United States, as well as more than 5,300 acres of land in its home market of Daytona Beach.

May 30, 2019

Acquisitions California Net Lease Retail Western

Avison Young Negotiates $6.5M Sale of Single-Tenant Bank Location in Cerritos

by Amy Works May 17, 2019

CERRITOS, CALIF. — Avison Young has arranged the sale of a retail property, located at 11355 South St. in Cerritos. A private investor from Southern California sold the property for $6.5 million. Built in 1974, the 5,225-square-foot property features of 1,200 square feet of mezzanine space. Comerica Bank occupies the building on an absolute triple-net leased basis. Brian Hennessey and Armand Aghadjanians of Avison Young represented the seller, while Brian Russell of Kinnery’s Brokerage and The Primemark Group represented the buyer, a Southern California-based private investor, in the deal.

May 17, 2019

Acquisitions Net Lease Restaurant Retail Utah Western

FCPT Acquires Three Restaurant Properties in Utah for $4.9M

by Amy Works May 6, 2019

LOGAN, UTAH — Four Corners Property Trust (FCPT) has purchased three restaurant outparcel properties located adjacent to a mall in Logan. The aggregate acquisition price was $4.9 million. The name of the seller was not released. The properties are a Texas Roadhouse, Olive Garden and Arby’s, and each property is leased to corporate operators under triple-net leases with approximately seven years of weighted average term remaining.

May 6, 2019

Acquisitions Net Lease Retail Washington Western

SRS Directs $6M Sale of Rite Aid-Occupied Asset in Kingston, Washington

by Amy Works April 12, 2019

KINGSTON, WASH. — SRS Real Estate Partners has negotiated the sale of a single-tenant retail property, located at 27000 Miller Bay Road NE in Kingston. A U.S.-based investment fund sold the asset to a California-based family office for $6 million. Built in 2007 on 2.2 acres, the 17,272-square-foot building includes a drive-thru. Rite Aid currently occupies the property under a corporate-guaranteed triple-net lease with Rite Aid Corp. There are nine years remaining on the lease. Ryan Tomkins of SRS’ National Net Lease Group represented the seller in the transaction.

April 12, 2019

Acquisitions California Net Lease Retail Western

SRS Arranges $5.3M Sale of Grocery Outlet Bargain Market in Riverside, California

by Amy Works March 21, 2019

RIVERSIDE, CALIF. — SRS Real Estate Partners’ National Net Lease Group is arranged the sale of a freestanding, single-tenant property located on 1.9 acres at 3490 Madison St. in Riverside. A Newport Beach, Calif.-based private developer sold the property to a Newport Beach-based physician for $5.3 million. Grocery Outlet Bargain Market occupies the 17,889-square-foot retail property on a 15-year triple-net lease. Patrick Luther and Matthew Mousavi of SRS Real Estate Partners represented the seller, while Marcus & Millichap represented the buyer. Additionally, Garrett Colburn and Townsend Cropsey of SRS secured the long-term lease with Grocery Outlet on behalf of the ownership.

March 21, 2019

Acquisitions Michigan Midwest Net Lease Retail

Gerdom Realty Brokers Sale of Property Net Leased to Sprint in Madison Heights, Michigan

by Kristin Harlow February 11, 2019

MADISON HEIGHTS, MICH. — Gerdom Realty & Investment has brokered the sale of a single-tenant retail property net leased to Sprint in Madison Heights for an undisclosed price. The 3,038-square-foot building is located at the southwest corner of 12 Mile and Dequindre roads. Michael Murphy and Tjader Gerdom of Gerdom Realty marketed the property for sale and procured the buyer, a local investor.

February 11, 2019

Acquisitions Illinois Midwest Net Lease Retail

Boulder Group Arranges $12.9M Sale of Property Net Leased to Jewel-Osco in Illinois

by Kristin Harlow February 1, 2019

LOCKPORT, ILL. — The Boulder Group has arranged the $12.9 million sale of a single-tenant property net leased to Jewel-Osco in Lockport, 30 miles southwest of Chicago. The 67,450-square-foot building sits on 10.3 acres at 16625 W. 159th St. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a private real estate investment company based in the Southwest. A private investor completing a 1031 tax-deferred exchange purchased the asset.

February 1, 2019

Acquisitions Michigan Midwest Net Lease Retail

Marcus & Millichap Arranges $3.7M Sale of Three Net Leased Properties in Marquette, Michigan

by Kristin Harlow January 28, 2019

MARQUETTE, MICH. — Marcus & Millichap has arranged the sale of three net leased properties in Marquette for $3.7 million. The properties include an 84,180-square-foot Kohl’s, an Applebee’s pad site and another pad site occupied by Verizon Wireless and H&R Block. The buildings are outparcels of Westwood Mall. Mark Taylor, Shannon Bona and Brian Sy of Marcus & Millichap marketed the portfolio on behalf of the seller, a private development company. Taylor, along with Donovan Mackey, secured the private equity buyer.

January 28, 2019

Acquisitions Illinois Midwest Net Lease Retail

Boulder Group Arranges $14.8M Sale of Property Net Leased to Jewel-Osco in Elgin, Illinois

by Kristin Harlow January 24, 2019

ELGIN, ILL. — The Boulder Group has arranged the sale of a single-tenant property net leased to Jewel-Osco in Elgin for $14.8 million. The 69,129-square-foot building, located at 1660 Larking Ave., was remodeled in 2009. Jewel-Osco has approximately 19 years remaining on its lease. Randy Blankstein and Jimmy Goodman of Boulder represented both parties in the transaction. A Los Angeles-based real estate firm completing a 1031 tax-deferred exchange purchased the asset. A Southwest-based private real estate investment company was the seller.

January 24, 2019

Acquisitions Illinois Midwest Net Lease Retail

Boulder Group Brokers $12.8M Sale of Property Net Leased to Jewel-Osco in Barrington, Illinois

by Kristin Harlow January 18, 2019

BARRINGTON, ILL. — The Boulder Group has brokered the sale of a 59,885-square-foot single-tenant property net leased to Jewel-Osco in Barrington for $12.8 million. The building sits on a 3.8-acre parcel at 150 W. Main St. Randy Blankstein and Jimmy Goodman of Boulder represented both the buyer and the seller. A Southwest-based private real estate investment company sold the asset to a Midwest-based family completing a 1031 tax-deferred exchange.

January 18, 2019

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