The market is flush with cash and decent product is very difficult to find
Los Angeles, CA (PRWEB) January 22, 2015
The Royston Group has completed the sale of a single tenant, triple net lease retail building. The 31,762 square foot building, located in Roanoke, Virginia, sold for $2.6 million. Built in 1993, the property sits on 4.16 acres of prime retail land which was leased to specialty retailer Big Lots who had just signed a new 5 year lease.
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. In addition to the favorable economics of the property the buyer also liked the fundamentals of the site which included below market rents, high traffic counts, low retail vacancy in the area and a dense population base surrounding the site. The buyer is private real estate investors based in California and the seller is a privately funded real estate investment group.
“If you have a properly priced building, with below market rents in a good, in-fill location it will sell. The rent Big Lots is paying was replaceable if they leave this location. 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 specializes 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 $2 billion in real estate sales since its inception. http://www.theroystongroup.com