Net Lease

DWG Capital Partners Buys Industrial Facility in Mesa, Arizona from AirBagIt for $10M

by Amy Works October 9, 2023

MESA, ARIZ. — DWG Capital Partners has acquired a manufacturing and distribution facility, located at 260 S. Hibbert St. in Mesa, for $10 million in a sale-leaseback transaction. AirBagIt fully occupies the 72,780-square-foot property, which is a former concrete tilt-up cold storage facility situated on 1.9 acres. The building features 17-foot clear heights, three docks, one drive-in dock and three external dock levelers. The custom engineering company will continue to occupy the property under an 18-year, triple-net lease. The company specializes in manufacturing innovative motor vehicle parts and accessories. Glen Miles of Calgary, Canada-based Miles Capital Partners represented the seller in the off-market transaction.

October 9, 2023

Development Georgia Net Lease Restaurant Retail Southeast

Halpern Enterprises Delivers Build-to-Suit Starbucks Restaurant in Byron, Georgia

by John Nelson October 5, 2023

BYRON, GA. — Halpern Enterprises Inc. has delivered a 2,600-square-foot build-to-suit Starbucks location at 321 N. Highway 49 N in Byron. The Seattle-based coffeehouse chain signed a 10-year net lease at the freestanding property, which is located near I-75 and Robins Air Force Base. Brad Oppenheimer, Caleb Adams and Cary Halpern of Halpern Enterprises teamed up to complete the project. In addition to Starbucks, the Atlanta-based developer has recently delivered three build-to-suit properties in the Southeast for The Learning Experience.

October 5, 2023

Acquisitions Florida Net Lease Retail Southeast

Marcus & Millichap Arranges $38M Sale of Topgolf-Occupied Property in Fort Myers, Florida

by Hayden Spiess September 29, 2023

FORT MYERS, FLA. — Marcus & Millichap has arranged the $38 million sale of a retail and entertainment property located in Fort Myers. Topgolf occupies the asset, which totals 48,000 square feet, on a triple-net-lease basis. Constructed in 2021, the property is situated on 14 acres off of Interstate 75. Ronnie Issenberg, Gabriel Britti and Ricardo Esteves of Marcus & Millichap arranged the transaction on behalf of the seller, a Miami-based family office. The buyer was not disclosed.

September 29, 2023

Loans Net Lease New York Northeast Retail

G.S. Wilcox Arranges $10.6M Loan for Refinancing of Retail Property in East Farmingdale, New York

by Taylor Williams September 22, 2023

EAST FARMINGDALE, N.Y. — New Jersey-based financial intermediary G.S. Wilcox has arranged a $10.6 million loan for the refinancing of a 34,877-square-foot retail property located in the Long Island community of East Farmingdale. The property consists of four buildings on a 6.9-acre site. David Fryer of G.S. Wilcox arranged the loan, which carried a 15-year term and a 30-year amortization schedule. The borrower and direct lender were not disclosed.

September 22, 2023

Acquisitions Massachusetts Net Lease Northeast Retail

Marcus & Millichap Brokers $4.6M Sale of Retail Property Leased to CVS in Norton, Massachusetts

by Taylor Williams September 22, 2023

NORTON, MASS. — Marcus & Millichap has brokered the $4.6 million sale of a 10,125-square-foot retail property in Norton, located in the southern part of The Bay State, that is net leased to CVS. The property was built on 1.5 acres in 2000. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Thomas Shihadeh of Marcus & Millichap assisted in closing the deal as the broker of record.

September 22, 2023

Acquisitions Florida Net Lease Restaurant Retail Southeast

SRS Brokers $4.6M Sale of New Restaurant Building in Jacksonville Leased to Panera Bread

by John Nelson September 20, 2023

JACKSONVILLE, FLA. — SRS Real Estate Partners has brokered the $4.6 million sale of a new 3,937-square-foot restaurant building located at 9725 Applecross Road in Jacksonville. Completed earlier this year as an outparcel to Oakleaf Town Center, the 1.5-acre site is triple-net leased to Panera Bread. The 15-year lease has scheduled rental increases every five years. Patrick Nutt and William Wamble of SRS represented the seller, a national real estate development firm, in the transaction. The 1031 buyer was a private investor based in South Florida.

September 20, 2023

Acquisitions Net Lease Northeast Pennsylvania Restaurant Retail

Marcus & Millichap Brokers $2.4M Sale of Retail Property in Altoona, Pennsylvania

by Taylor Williams September 11, 2023

ALTOONA, PA. — Marcus & Millichap has brokered the $2.4 million sale of a 5,290-square-foot retail property at 220 Park Hills Plaza in Altoona, located roughly midway between Pittsburgh and Harrisburg, that is net leased to Denny’s. Mark Taylor, Howard Levy and Brian Sy of Marcus & Millichap represented the buyer, a private investor that acquired the asset via a 1031 exchange, in the transaction. The seller was a REIT. Both parties requested anonymity.

September 11, 2023

Acquisitions Company News Net Lease New York Northeast Retail Top Stories

Retail REIT Merger: Kimco Realty to Acquire RPT Realty for $2B in All-Stock Transaction

by John Nelson August 28, 2023

JERICHO AND NEW YORK CITY, N.Y. — Kimco Realty (NYSE: KIM) has entered into a definitive merger agreement with RPT Realty (NYSE: RPT) under which Kimco will acquire RPT Realty in an all-stock transaction. Both REITs are based in New York — Kimco in Jericho and RPT in Manhattan — and own and operate open-air and grocery-anchored shopping centers, as well as mixed-use assets. Kimco valued the transaction at approximately $2 billion, including the assumption of debt and preferred stock. The merger will add 56 open-air shopping centers, including 43 wholly owned and 13 joint venture assets, to Kimco’s existing portfolio of 528 properties. The affected portfolio spans 13.3 million square feet of gross leasable area. GIC, a sovereign wealth fund based in Singapore, is RPT Realty’s largest joint venture partner and plans to continue its dual ownership with the combined company post-merger. Conor Flynn, CEO of Kimco, says that roughly 70 percent of RPT Realty’s portfolio aligns with Kimco’s strategic markets. This includes Mary Brickell Village, a mixed-use development in Miami that RPT Realty purchased last year for $216 million. Kimco plans to remerchandise and redevelop portions of the center, as well as add it to the company’s Signature Series …

August 28, 2023

Acquisitions Colorado Life Sciences Net Lease Western

Real Capital Solutions Buys Medtronic Lafayette Campus in Colorado for $188M

by Amy Works August 25, 2023

LAFAYETTE, COLO. — Real Capital Solutions has acquired Medtronic Lafayette Campus from Ryan Cos. for $188 million. The acquisition consists of two five-story life sciences office buildings located at 200 and 250 Medtronic Drive in Lafayette, approximately 20 miles north of Denver. Completed earlier this year, the 42-acre, 404,159-square-foot property is Medtronic’s second largest U.S. campus, which will eventually house about 1,200 employees. As sole tenant of the property, the medical device company has a guaranteed, 20-year, triple-net lease.

August 25, 2023

Acquisitions Arizona Net Lease Retail Western

Pinnacle Real Estate Arranges $5.8M Acquisition of Single-Tenant Retail Property in Gilbert, Arizona

by Amy Works August 18, 2023

GILBERT, ARIZ. — Pinnacle Real Estate Advisors has brokered the purchase of a retail property located at 777 W. Ray Road in Gilbert. Lanwin 120 Windsor LLC acquired the asset from an undisclosed seller for $5.8 million. A gas station occupies the 2,044-square-foot property on an absolute, triple-net, 20-year lease with zero landlord responsibilities and 3 percent annual rent increases. The asset was built in 2000 and remodeled in 2023. Barton Thompson of Pinnacle Real Estate Advisors represented the buyer in the deal.

August 18, 2023

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