CHICAGO, IL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has negotiated the sale of three net-leased assets totaling $6.76 million.The buyer is a Michigan-based private 1031 investor.
The properties are:
The properties are:
· $3.4 million Hertz Equipment Rental location in Miami.
· $1.97 million AutoZone, Inc. in Baytown, Texas
· $1.39 million Colonial Bank in Roebuck, Ala.
· $1.97 million AutoZone, Inc. in Baytown, Texas
· $1.39 million Colonial Bank in Roebuck, Ala.
Andrew Gallas, a senior associate in the firm’s Chicago Downtown office, represented the buyer on all transactions. He also represented both the buyer and seller on the AutoZone transaction.
Lori Schneider, (top left photo) senior vice president investments in Marcus & Millichap’s Fort Lauderdale office, and John Glass, senior vice president investments in the firm’s San Francisco office, and Marcus & Millichap’s Florida, Alabama and Texas offices, also assisted in this transaction.
“Despite the current economic downturn, stable commercial properties across the country continue to attract investors,” says Gallas. “My client sought stable investments in fundamentally strong markets."The portfolio’s properties are attractive assets given the duration of the leases, the strength of the guarantors and the availability of assumable financing.”
The Hertz Equipment Rental facility is a 14,958-square foot, 3.84-acre property located near the Florida Turnpike at 19380 SW 106th Ave. in Miami.
Built in 2008 and leased on a 20-year basis, the property sold for $3,407,600, which represents $228 per square foot and a cap rate of 7.91 percent.
The corporate-backed lease features 5 percent rent increases in five-year increments and four renewal options.
The 7,360-square foot facility leased to AutoZone Inc. was built in 2007 and is situated on 1.39 acres at 5222 Garth Road in Baytown, Texas. The property sold for $1,977,000, which represents $
269 per square foot and a cap rate of 7.41 percent. AutoZone, often viewed as a recession-resistant tenant, has leased the property through 2027.
Colonial Bank, located at 629 Red Lane Road in Roebuck, Ala., is a 3,700-square foot, one-acre property leased to the bank on an absolute triple-net basis through 2019.
The prope
rty sold for $1,394,000, which represents $377 per square foot and a cap rate of 7.4 percent. The lease is guaranteed by investment-grade Colonial Bank NA, a wholly owned subsidiary of The Colonial BancGroup Inc., a $26 billion bank holding company.
rty sold for $1,394,000, which represents $377 per square foot and a cap rate of 7.4 percent. The lease is guaranteed by investment-grade Colonial Bank NA, a wholly owned subsidiary of The Colonial BancGroup Inc., a $26 billion bank holding company.Press contact: Stacey Corso, Communications Dept., (925) 953-1716.
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