The lack of development has been great for sellers because there is not a lot of product on the market to compete with
Los Angeles, CA (Vocus/PRWEB) April 06, 2011
The Royston Group has announced it will be selling a 45,231 square foot single tenant net lease retail box leased to electronics giant Best Buy. The property is located in Alpharetta, GA (Atlanta MSA). The building sits on 4.6 acres of land and is leased to Best Buy on an absolute triple net lease basis for 20 years. The building was constructed in 1999.
Rob Sutton and Greg Cortese of The Royston Group will begin the marketing process within the next two weeks and plan on having the property sold before summer. The site has very strong market fundamentals which include high traffic counts, high household incomes and an excellent location among other national retailers. Further the property is encumbered by a loan which will likely be assumed by any potential buyer.
“We have an excellent marketing strategy in place and given the aggressive $10,000,000 price tag on this asset we will need to hit the ground running with our marketing team. The good news is we are selling a great asset in a solid location. In fact we have seen a shortage of single tenant assets which have pulled market cap rates down over the last 6 months. The lack of development has been great for sellers because there is not a lot of product on the market to compete with however it makes 1031 exchange buyers very anxious.”
For more information please contact Rob Sutton.
Greg Cortese, President of The Royston Group and Rob Sutton, Vice President specialize in the sale of single tenant net lease properties. The Royston Group is a privately held commercial real estate investment firm, founded in 1992. The company provides services for a multitude of net lease commercial property types including office, industrial, retail and medical. The firm has completed over $1.5 billion in real estate sales since its inception. http://www.theroystongroup.com.