The market is low on inventory and decent product is very difficult to find.
Los Angeles, CA (PRWEB) March 10, 2016
The Royston Group has announced the $3.6 million sale of a single tenant,triple net lease retail building. The 27,118 square foot building, located in San Jose, California was leased to Ross Dress For Less. Built in 1975, the property sits on a long-term ground lease and the Ross’s lease expires in less than 5 years.
Royston Group President Greg Cortese represented the buyer in the transaction. 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 was a private real estate investor.
“The attraction of this investment was the above market return with a well below market rent. The best thing that could happen would be for the tenant to not exercise their options to renew. The market is low on inventory 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