Los Angeles, CA (PRWEB) December 05, 2012
The Royston Group has completed the sale of a $23 million, fee simple ground lease under a Home Depot located in Los Angeles, California. The building sits on more than 12 acres of land in an upscale Los Angeles suburb. Home Depot initially signed a 20 year absolute triple net, ground lease on the property.
Greg Cortese represented the seller in the transaction. The buyer purchased the property due to the site’s strong retail location, rent increases and long-term lease.
“Average household income in the area is in excess of $122,000 per household and coupled with the investment grade rating of Home Depot, “A minus”, gives what investors are looking for most today; great location and high quality tenant. Not to mention rent increases during the term on the lease.” said Cortese.
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