The triple net segment of the real estate market is actually performing extremely well.
Los Angeles, CA (Vocus/PRWEB) January 13, 2011
The Royston Group has completed the sale of a single tenant net lease retail portfolio leased to Office Depot. The portfolio, consisted of 2 sites located in Florida and sold for a combined price of $6.6 Million. Both sites were leased on an absolute triple net basis to home and office supply giant Office Depot. The initial lease term was 20 years on an absolute triple net lease basis with 8 years remaining.
Greg Cortese represented both the buyer and the seller in the transaction. The seller is a private investor based out of California. After securing the listing and several months of aggressive marketing, Greg Cortese facilitated the sale to an investor in a 1031 exchange also based out of California. The buyer choose to assume existing financing at favorable interest rates and achieved an excellent cash on cash return. The loan was serviced by KeyBank.
“Since September of 2010 I have seen a lot of money that was previously sitting on the sidelines getting back into the single tenant market. The triple net segment of the real estate market is actually performing extremely well.” 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 billion in real estate sales since its inception.
For more information on The Royston Group visit http://www.theroystongroup.com
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