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Net Lease

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AcquisitionsNet LeaseRetailWashingtonWestern

Marcus & Millichap Brokers $2.9M Sale of AutoZone-Occupied Property in Shoreline, Washington

by Amy Works

SHORELINE, WASH. — Marcus & Millichap has arranged the sale of a retail property, located at 18217 Aurora Ave. North in Shoreline, a suburb north of Seattle. A private investor sold the asset to an undisclosed buyer for $2.9 million. AutoZone occupies the 6,030-square-foot property on a net-lease basis. The tenant recently inked an early 10-year extension with scheduled rental increases every five years for the property. Carson Breshears and Hank Wolfer of Marcus & Millichap represented the seller in the deal.

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AcquisitionsCaliforniaNet LeaseRetailWestern

Marcus & Millichap Brokers Sale of Dollar Tree-Occupied Property in Twentynine Palms, California

by Amy Works

TWENTYNINE PALMS, CALIF. — Marcus & Millichap has arranged the sale of Dollar Tree, a net-leased retail property in Twentynine Palms, just north of Joshua Tree National Park in Southern California. An individual/personal trust sold the asset to an undisclosed buyer for $2.1 million. The 15,506-square-foot Dollar Tree is located at 71737 29 Palms Highway. Dollar Tree has committed to four and a half years on the lease, having recently exercised its five-year option period. There are two additional five-year extension options. The asset occupies a 1.5-acre lot within a 90,000-square-foot retail plaza featuring Stater Bros., Burger King and Total Fitness Gym. Michael Grandstaff and Christopher Hurd of Marcus & Millichap represented the seller, while Karl Markarian of JohnHart Corp. represented the buyer in the deal.

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AcquisitionsNet LeaseRetailTexas

Boulder Group Arranges $3.7M Sale of Net-Leased Retail Building in Norman, Oklahoma

by Taylor Williams

NORMAN, OKLA. — The Boulder Group, a brokerage firm specializing in single-tenant, net-leased retail deals, has arranged the $3.7 million sale of a building at 3501 NW 36th Avenue in Norman, Okla. CVS occupies the building, which according to LoopNet Inc. was built in 2010 and totals 12,888 square feet. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a California-based 1031 exchange investor, in the transaction. The seller was undisclosed.

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AcquisitionsNet LeaseRetailTexas

Hanley Investment Group Negotiates Sale of 4,900 SF Retail Building in Killeen, Texas

by Taylor Williams

KILLEEN, TEXAS — California-based brokerage firm Hanley Investment Group has negotiated the sale of a 4,900-square-foot retail building in the Central Texas city of Killeen. The building was constructed in 2023 was net leased to Brakes Plus at the time of sale. Garrett Wood of Hanley represented the buyer, a Florida-based 1031 exchange investor, in the transaction. Matt Montagne, Maxwell Watson and Tyler Ellinger of Sands Investment Group represented the seller, a Los Angeles-based private investor.

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AcquisitionsNet LeaseRetailTexas

Hanley Investment Group Negotiates Sale of 4,956 SF Retail Building in Metro Fort Worth

by Taylor Williams

NORTH RICHLAND HILLS, TEXAS — California-based brokerage firm Hanley Investment Group has negotiated the sale of a 4,956-square-foot retail building in North Richland Hills, a northern suburb of Fort Worth. The building was constructed in 2022 and is net leased to automotive services provider Brakes Plus. Garrett Wood of Hanley represented the buyer, a Florida-based 1031 exchange investor, in the transaction. Drew Isaac, Brian Bailey and Tim Speck of Marcus & Millichap represented the undisclosed, Colorado-based seller.

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AcquisitionsNet LeaseNew MexicoRetailWestern

Marcus & Millichap Brokers Sale of 13,847 SF Retail Property in Rio Rancho, New Mexico

by Amy Works

RIO RANCHO, N.M. — Marcus & Millichap’s Taylor McMinn Retail Group has brokered the sale of a 13,847-square-foot, single-tenant retail property in Rio Rancho. Natural Grocers occupies the building, which was built in 2020, on a 15-year, triple-net-lease basis, with 12 years remaining on the lease at the time of sale. Natural Grocers’ current portfolio includes 164 stores in 21 states.  Don McMinn of Taylor McMinn Retail Group represented the undisclosed seller in the transaction. The price was also not disclosed. “Despite the surplus of net-lease inventory on the market and limited buyer pool, quality net-lease grocery inventory remains in short supply and high demand,” says McMinn.

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FeaturesNet LeaseRetail

Bid-Ask Gap, Limited Capital Availability Have Net Lease Sector in a Holding Pattern

by Hayden Spiess

Developers and owners of net lease properties have been used to receiving high prices for their assets — fueled by low debt costs for buyers — over the past decade. With rising interest rates, that has changed. Cap rates have been rising and capital is harder to obtain, be it for new net lease development or acquisition of existing assets. That has narrowed the demand, resulting in a lower sales volume over the past year. The volume of single-tenant net lease investment sales was down about 34 percent in 2023 compared to 2022, according to Northmarq’s fourth-quarter 2023 Market Snapshot for Single-Tenant Retail. The average cap rate, meanwhile, rose from 5.62 percent in 2022 to 6.14 percent in 2023.  Development of new single-tenant net lease deals is stymied by access to capital, with many regional banks — the lifeline of small developers — on the sidelines.  Shopping Center Business interviewed a number of executives in the net lease sector, and studied research from leading firms for our annual overview of the single-tenant net lease property sector. Dealflow and Trends While deal velocity is down, deals are still happening. Today, deals are much more individualized, and both parties usually have to …

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AcquisitionsCaliforniaNet LeaseRestaurantRetailWestern

Hanley Negotiates $8.2M Sales of Adjacent 7-Eleven, Starbucks Drive-Thru Properties in Merced, California

by Amy Works

MERCED, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sales of two newly constructed, adjacent, single-tenant retail properties in the San Joaquin Valley city of Merced. Two individual private buyers purchased the assets in separate transactions totaling $8.2 million. In both transactions, Bill Asher and Jeff Lefko of Hanley represented the developer and seller, Glendale-based Chase Partners. A Los Angeles-based private investor acquired the first asset for $5.3 million. Constructed in 2023, the 4,088-square-foot convenience store and gas station is located at 1995 W. Olive Ave. 7-Eleven occupies the building under a new, corporate, 15-year, triple-net lease. Nicholas Borrelli of Coldwell Banker Commercial George Realty in Arcadia represented the buyer in the deal. A Los Angeles-based private investor purchased the second building for $2.9 million. Michael Mehdizadeh of Los Angeles represented the buyer in the deal. Located at 1993 W. Olive Ave., Starbucks occupies the 1,000-square-foot, drive-thru-only building under a new, corporate, 10-year, triple-net lease.

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Leasing ActivityNet LeaseNew YorkNortheast

Cushman & Wakefield Negotiates 27,667 SF Office Lease in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Cushman & Wakefield has negotiated a 27,667-square-foot office lease at 3 Times Square in Midtown Manhattan. The tenant, Atlanta-based law firm Kilpatrick Townsend & Stockton, will relocate from the W.R. Grace Building to the 28th floor of the 30-story building, which originally opened in 2001 and recently underwent a capital improvement program. Ron Lo Russo, John Cefaly, John Santora, Paige Engeldrum, Lou D’Avanzo, Mike Burgio and Dan Organ of Cushman & Wakefield, along with internal agent Tom Keating, represented the landlord, Rudin, in the lease negotiations. Mark Weiss and Sam Hollis Jr., also with Cushman & Wakefield, represented the tenant, which joins the likes of Touro University, Remy Cointreau and accounting firm Anchin, Block & Anchin

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AcquisitionsNet LeaseRetailWashingtonWestern

Matthews Negotiates $5.9M Sale of 7-Eleven-Occupied Property in Everett, Washington

by Hayden Spiess

EVERETT, WASH. — Matthews Real Estate Investment Services has arranged the $5.9 million sale of a single-tenant property in Everett, approximately 25 miles north of Seattle. 7-Eleven occupies the building, which is situated at 7500 Hardeson Road, on a net-lease basis. Brandon Sontz, Nick Hahn and Chad Kurz of Matthews brokered the transaction. A local developer sold the property to an undisclosed buyer. 

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