The NNN lease still has 10 years remaining and investors will like the return on the real estate as we priced the asset at a 9% return.
Los Angeles, CA (PRWEB) September 20, 2012
The Royston Group has listed for sale a 50,000 square foot single tenant net lease retail box leased to electronics giant Best Buy. The property is located in the South Bend suburb of Mishawaka Indiana. The building sits on 4.96 acres of land and is leased to Best Buy on an absolute triple net lease basis for 20 years. The building was constructed in 2003.
Rob Sutton and Greg Cortese of The Royston Group have already started the marketing process. The site sits next to a 963,000 square foot mall owned by Simon which houses national retailers such as Macy’s, TJ Maxx, Sears and JC Penney amongst others. The subject property is less than 1 mile from the 658,000 square foot St. Joseph Regional Medical Center and 3 miles from the University of Notre Dame which has over 23,000 undergraduate, graduate and post graduate students. The property is being offered free and clear of financing.
“This retail location could not be better, it sits next to a huge mall, 3 miles from Notre Dame and 1 mile from the St. Joseph Medical Center. Further this site was not on Best Buy’s closure list so you know Best Buy is pleased with the store. The NNN lease still has 10 years remaining and investors will like the return on the real estate as we priced the asset at a 9% return.” said VP of Investment Sales Rob Sutton.
For more information about this property please contact 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.