SAN DIEGO, CA – Alvin Mansour (top right photo) of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has negotiated the sale of 13 single-tenant property transactions in locations across the country during the third quarter.
In all, Mansour represented various entities in the disposition of approximately $46.7 million in investment real estate.
“A large majority of Class A inventory in primary markets has already been acquired by investors since the Great Recession ended,” says Mansour. “As a result of limited inventory, investors are now targeting second-tier markets, which will support deal flow heading into 2012.
“The combined influence of low interest rates and a steady stream of investors cycling capital back into net-leased properties have steadily compressed cap rates since mid-year 2010,” he says.
“A greater number of foreign investors and foreign-based funds – in addition to domestic buyers – are fleeing to the safety of investment real estate as the European debt crisis continues to unfold,” Mansour adds. “In addition, ongoing instability in the stock market has prompted more investors to seek hard, tangible assets with stabilized returns, which commercial real estate continues to offer.”
Among Mansour’s largest sales in the third quarter were three Walgreens net-leased drugstores, all of which closed in separate transactions:
- In Naperville, Ill., he arranged the $7,050,000 sale of a Walgreens;
- In Edinburg, Texas, he arranged the $6,906,475 sale of a Walgreens ;
- In Leitchfield, Ky., he arranged the $4,830,000 sale of a Walgreens.
In a separate prominent transaction, Mansour arranged the sale of a 75,378-square foot FedEx Ground facility, for $6,395,000 in Evansville, IN. The buyer, also represented by Mansour, was an all-cash buyer from California. Additional property sales closed by Mansour included banks, medical office buildings, restaurants and other drugstores.
Providing additional representation on these transactions were Phil Sambazis (top left photo), a vice president investments in the San Diego office; Brent Yurtkuran (middle right photo), a senior associate in the Jackson, Miss., office; and Larry Hausman (lower left photo), a senior associate in the Louisville, Ky., office.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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