Net Lease

Bojangles Signs Development Agreement for 20 Restaurants in Las Vegas

by Amy Works August 2, 2023

LAS VEGAS — Quick-service chicken chain Bojangles has signed a development agreement to bring 20 new restaurants to Las Vegas, as well as the development of restaurants within 10 TravelCenters of America franchise locations across Western markets. TravelCenters of America franchisee LVP Restaurant Group LLC, an entity of LV Petroleum, and its investment partner, Kingsbarn Realty Capital, will lead the projects. Kingsbarn Realty Capital provides institutional and accredited investors access to an array of alternative real estate investments in the Las Vegas area. In partnership with LVP Restaurant Group, Kingsbarn will identify and acquire properties suitable for the new Bojangles developments. Kingsbarn has over $1.9 billion of assets under management, a $2 billion development pipeline and has acquired more than 270 properties within the United States. In July, Bojangles launched its expansion strategy, including a streamlined menu, new building design and new staffing model. The strategy simplifies operations and enhances the guest experience. To date, the brand has implemented the new strategy within seven restaurants in Texas, Florida, Tennessee, Arkansas and Louisiana.

August 2, 2023

Loans Massachusetts Net Lease New York Northeast Retail

Fantini & Gorga Arranges $10M in Acquisition Financing for Northeast Retail Portfolio

by Taylor Williams July 28, 2023

NEEDHAM, MASS. — Fantini & Gorga, a mortgage banking firm based in metro Boston, has arranged $10 million in acquisition financing for a portfolio of four retail properties occupied by Walgreens in the Northeast. Three of the properties are located in Massachusetts, and the fourth is in New York. Casimir Groblewski and Colin Monahan of Fantini & Gorga arranged the debt through multiple banks on behalf of the borrower, Union Station LP, which acquired the portfolio via a 1031 exchange.

July 28, 2023

Acquisitions Georgia Net Lease Restaurant Retail Southeast

Marcus & Millichap Brokers $3.3M Sale of New Restaurant in LaGrange, Georgia Leased to Chick-fil-A

by John Nelson July 19, 2023

LAGRANGE, GA. — Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group has brokered the $3.3 million sale of a newly constructed restaurant in LaGrange that is ground-leased to Chick-fil-A for 15 years. Located at 2110 Vernon St. on a 1.5-acre lot, the nearly 5,000-square-foot building is a relocation of a former Chick-fil-A and serves as an outparcel to a new Publix-anchored shopping center that Taylor McMinn Retail Group will be marketing. An unnamed, out-of-state private investor purchased the restaurant at list price within 30 days of listing with all-cash, according to McMinn, who represented the undisclosed seller in the transaction. “Pricing for quality net-lease retail continues to receive strong demand and command attractive pricing in spite of the rising interest rate environment,” says McMinn.

July 19, 2023

Acquisitions Net Lease New Mexico Retail Western

Hanley Brokers Sale of 3,331 SF Retail Property in Albuquerque

by Jeff Shaw July 13, 2023

ALBUQUERQUE, N.M. — Hanley Investment Group Real Estate Advisors has arranged the sale of a 3,331-square-foot, single-tenant retail property in Albuquerque. Raising Cane’s Chicken Fingers occupies the building on a 15-year, triple-net lease. Bill Asher, Jeff Lefko and Jeremy McChesney of Hanley represented the seller and developer, TradeCor LLC, in the transaction, in association with ParaSell Inc. Greg Swedelson and Jon-Eric Greene of SSG Realty Partners represented the buyer, an undisclosed private investor.

July 13, 2023

Acquisitions Michigan Midwest Net Lease Office Top Stories

The Herrick Co. Acquires 21-Story Office Tower in Downtown Detroit for $150M

by Katie Sloan June 8, 2023

DETROIT — The Herrick Co. has acquired a 21-story office tower at 2025 Woodward Ave. in downtown Detroit for $150 million. Locally based architecture firm Neumann Smith designed the 421,481-square-foot building, which was delivered in fall 2022 and acts as a headquarters for Huntington National Bank’s (NASDAQ: HBAN) commercial division. The bank fully occupies the property on a triple-net-lease basis. The building features ground-floor retail space, including a Huntington Bank branch; 10 floors of structured parking; a cafe; and a rooftop terrace with space for movies or sporting events to be projected on the side of the tower. The deal is the largest building acquisition to close in Detroit since the start of the COVID-19 pandemic, according to Crain’s Detroit Business. The seller was not disclosed. Huntington acquired TCF Financial Corp. in 2020 for $22 billion. The combined company operates more than 1,000 branches in 11 states. The bank’s stock price closed at $11.42 per share on Wed. June 7, down from $13.10 one year ago. The Herrick Co. is a national real estate investment firm that has completed more than $6 billion in transactions. The company focuses on acquiring single-tenant buildings net leased to office, industrial and retail users, …

June 8, 2023

Acquisitions Florida Net Lease Retail Southeast

Marcus & Millichap Arranges $7.2M Sale of CVS-Occupied Building in Orlando

by Hayden Spiess May 30, 2023

ORLANDO, FLA. — Marcus & Millichap has arranged the $7.2 million sale of a single-tenant building located at 2701 South Orange Ave. in Orlando. CVS occupies the building, which comprises 13,616 square feet, on a net-lease basis. Ronnie Issenberg, Gabriel Britti and Ricardo Esteves of Marcus & Millichap represented the undisclosed seller in the transaction.

May 30, 2023

Acquisitions California Net Lease Retail Western

Hanley Arranges $2.4M Sale of Single-Tenant Retail Property in El Centro, California

by Jeff Shaw May 11, 2023

EL CENTRO, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $2.4 million sale of a single-tenant retail property located in El Centro, approximately midway between San Diego and Phoenix. 7-Eleven occupies the 2,940-square-foot building on a 15-year, triple-net ground lease. Bill Asher and Jeff Lefko of Hanley represented the seller, Imperial Retail Investments LLC, in the transaction. A self-represented, California-based private investor purchased the property.

May 11, 2023

Acquisitions California Net Lease Restaurant Retail Western

Hanley Arranges $2.9M Sale of Taco Bell-Occupied Property in Corona, California

by Jeff Shaw April 6, 2023

CORONA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $2.9 million sale of a single-tenant retail property in Corona. A Taco Bell drive-thru operated by Alvarado Restaurant Nation occupies the 2,049-square-foot property on a triple-net-lease basis. Bill Asher and Jeff Lefko of Hanley represented the developer and seller, Evergreen Development, in the transaction. David Aschkenasy of Commercial Asset Group represented the 1031-exchange buyer, a locally based private investor.

April 6, 2023

44-01-Northern-Boulevard-Cantor Fitzgerald

Acquisitions Colorado Net Lease Restaurant Retail Western

Blue West Capital Negotiates $2.7M Sale of Starbucks-Occupied Building in Centennial, Colorado

by Amy Works March 8, 2023

CENTENNIAL, COLO. — Blue West Capital has brokered the sale of a single-tenant retail property, located at 20201 E. Smoky Hill Road in Centennial. A Colorado-based real estate investment company sold the asset to a Colorado-based family for $2.7 million. Starbucks Coffee occupies the newly constructed building on a net-lease basis. Tom Ethington of Blue West Capital represented the seller in the transaction.

March 8, 2023

Acquisitions Colorado Net Lease Retail Western

RealSource Brokers $3.1M Sale of Grease Monkey-Occupied Retail Property in Monument, Colorado

by Amy Works March 7, 2023

MONUMENT, COLO. — RealSource Group has arranged the sale of a single-tenant retail building located at 213 W. Highway 105 in Monument, approximately 50 miles south of Denver. A Monument-based private investor sold the asset to a Houston-based private real estate investment firm for $3.1 million. Oil change service provider Grease Monkey occupies the 5,309-square-foot building, which was built in 1995 and renovated in 2007. The tenant recently signed a 10-year initial lease with 10 percent rental increases every five years. Austin Blodgett and Jonathan Schiffer of RealSource, along with ParaSell Inc., represented the seller in the deal.

March 7, 2023

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