If you have a properly priced building in a good, in-fill location it will sell. The market is flush with cash and decent product is very difficult to find.
Los Angeles, CA (PRWEB) April 04, 2012
The Royston Group has completed the sale of a single tenant net lease retail building. The 45,000 square foot building, located in New Jersey, sold for $12.7 million. Built in 1990 and refurbished in 2000, the property sits on 4.9 acres of prime retail land which was leased on an absolute triple net basis to electronics retailer Best Buy. The initial lease term was 20 years with rent escalations every 5 years.
Royston Group President Greg Cortese represented both the buyer and the seller in the transaction. The buyer selected this property to complete a 1031 exchange and assumed the existing financing at a favorable interest rate to achieve an excellent cash on cash return. In addition to the favorable economics of the property the buyer also liked the market fundamentals of the site which included high traffic counts, low retail vacancy in the area and a dense population base surrounding the site. Both buyer and seller are private real estate investors based in California. http://www.theroystongroup.com
“If you have a properly priced building in a good, in-fill location it will sell. The market is flush with cash and decent product is very difficult to find.” 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.