Los Angeles, CA (PRWEB) January 10, 2013
The Royston Group has listed for sale a 45,000 square foot single tenant net lease retail box leased to electronics giant Best Buy. The property is located in the upscale New Orleans suburb of Metairie Louisiana. The building sits on 3.95 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 started marketing the property in early January. The property sits in the heart of the New Orleans MSA and enjoys freeway visibility from busy Interstate 10 Freeway (145,000 Cars Per Day). The site boasts very healthy retail fundaments along with a strong residual land value which was recently appraised at $10.1 million. Additionally the property is encumbered by a new non recourse CMBS loan which pushes the cash return on the investment to 11.24% annually.
“Investors have been anxious lately over properties with Best Buy as a tenant. The fundamentals at this site with the high residual land value and the new long term loan in place will offer extra security to investors who are seeking a great cash on cash return combined with a management free investment in an exclusive retail corridor .” said VP of Investment Sales Rob Sutton.
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