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| 635 West Capitol Parkway, San Jose, CA |
SAN JOSE, CA (Dec.11, 2012) Jereme Snyder and Eric
Carlton of Colliers International, the third largest global real estate
services organization, has completed the sale of a single-tenant retail
property NNN fee simple ground lease for $12 million.
The property, located at 635 W. Capitol Expressway in
San Jose, set a new national sales record for the big-box retailer-occupied
property with an aggressively low closing cap rate of 4.68% percent.
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| Eric Carlton |
The
Snyder-Carlton Team of Colliers International represented the seller,
Phoenix-based Cole Capital, one of the largest property owners in the United
States. The Buyer, HDSJ, LLC is a
private investor based out of New York, New York.
The area significant 11.43 acre property is located within
the highly land competitive San Jose region.
With a corporate backed 25 year ground lease with Home Depot
(22 years remaining) and 10% rental increases every five years, the property
was held under exclusive bid invitation only.
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| Jereme Snyder |
“There is robust
demand for investment grade, single-tenant retail investments nationwide”, said
Jereme Snyder, Senior Vice President of Colliers International. “Factors such
as scarcity of low-risk, well-located real estate, attractive low-cost
financing sources and attractive returns are driving this demand.”
The NNN retail property market is forecasted to remain
highly competitive in 2013. Jereme
commented, “We believe there may be room for further CAP rate compression for
premier net lease assets. Despite lower CAP rates, NNN assets occupied by
strong credit-worthy tenants offer a comfortable premium over the 5 and 10 year
Treasuries as well as other investment-grade investments.”
For a complete copy of the company’s news release, please
contact:
Rainee Tiske
Marketing Specialist
PR GLA
Torrance, CA
Dir +1 310 381 2413
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