Los Angeles, CA (PRWEB) October 23, 2012
The Royston Group has negotiated the sale of a 23,550 square foot single tenant net lease property located in Porterville, California. The building sits on 2.16 acres of land and was originally constructed as a build to suit for office supply giant OfficeMax. OfficeMax initially signed a 20 year absolute triple net lease on the property.
Greg Cortese represented the buyer in the transaction. The buyer purchased the property due to the site’s strong retail fundamentals complimented by the corporate guaranteed lease from OfficeMax. As part of the purchase they elected to assume existing conduit financing on the property.
“OfficeMax is doing well at this location. The investor was willing to take on the risk of the shorter term lease. The reward/return was high enough for the risk. It’s still very difficult to find opportunity investments that are priced for the risk,” said Cortese.
Greg Cortese, President of The Royston Group and Rob Sutton, Vice President specialize in the sale of single tenant net lease properties.
For more information about this property please contact Greg Cortese or Rob Sutton, CCIM.
Greg Cortese, President of The Royston Group and Rob Sutton, Vice President of the Royston Group, 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.