Saturday, December 1, 2012

Single Tenant Prices Continue Rise in 4th Quarter

7-Eleven Convenience Store, Fort Myers, FL
MIAMI, FL -- The recent sale of a 7-Eleven gas and convenience store in Fort Myers, FL demonstrates cap rates for 2012 continue to fall in the fourth quarter. The property located at 10676 Colonial Blvd., Fort Myers, FL sold for $2,360,000.

The seller was Stone 5150, LLC based in Ft. Myers, FL. The buyer was the Milburn-Keith Family Trust based in Aptos, CA.

David Wells of the Wells Net Lease Group of Sperry Van Ness represented both the seller and the buyer.

David Wells
"For credit rated tenants with 10 or more years of term, prices have steadily risen throughout the year as more investors are seeking higher yields than the bond market offers and the security of the underling real estate,” says David Wells, Managing Director of the Wells Net Lease Group of Sperry Van Ness based in Miami.

“Cap rate compression has come down roughly 100 basis points from the first quarter and forced buyers and sellers to constantly change value expectations. We're now bringing deals to market 25 basis points below the cap on this close and getting several offers."

The property is a brand new construction corporate leased 7-Eleven with a new 15-year lease. The lease has 10% rental increases every five years and three five year options. 7-Eleven corporate is rated S&P rated AA- Investment

For a complete copy of the company’s news release, please contact:

 David Wells

Bull Realty Brokers $7.9 Million Sale of Downtown Atlanta Infill Site

John DeYonker
ATLANTA (Nov. 28, 2012) – Bull Realty has brokered the $7.9 million sale of a 1.46-acre redevelopment site, located at 70 John Wesley Dobbs Avenue in downtown Atlanta.

The hotel, rental-car facility and parking garage on the property will be transformed into a student-housing complex just 100 yards from the future location of Georgia State University’s new business and law schools.

John DeYonker,vice president of Land & Developer Services at Bull Realty, represented the seller, Legacy Palms LLC, in the disposition.

Michael Bull
"For this unique assignment, we had interest from developers all around the country, but the seller chose to work with a Georgia group that had experience in the GSU market," said DeYonker, the only broker involved in the transaction. "This quality student-housing project will be a good fit with the planned GSU projects in the immediate area."

Michael Bull, president of Bull Realty, added, “The student housing market has been a stable sector through the economic downturn and is a popular investment choice in the U.S. today.” 

The buyer, anaffiliate of Valdosta, Ga.-based Ambling University Development Group, will redevelop the site in two phases, the first opening in summer 2013 after a renovation of the old 200-room Ramada Hotel into approximately 138 units and 291 beds. A new tower featuring approximately 108 student-housing units and 424 beds will open in summer 2014, along with a new parking garage.

Besides the close proximity to GSU and its 32,000-student population, the property offers easy access to interstates 75 and 85, Atlanta’s commuter rail and the city’s streetcar line, which will begin operating in 2013. 

 For More Information, Contact

Stephen Ursery
The Wilbert Group