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| Typical Family Dollar Sales Floor |
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| David Wells |
The property was marketed on behalf of the seller, Mandy’s
Market, LLC, by the Wells Net Lease Group, the nation’s largest private net
lease brokerage firm.
“We’ve sold roughly 50 dollar stores over the last 12 months
and I’ve never seen a lower cap rate paid for a Family Dollar (cap rates move
inversely to price),” Says David Wells, Managing Director.
“The buyer paid a
6.8% cap rate on a 10-year corporate lease.
There’s so much foreign money looking to invest from South America and a
lack of commercial real estate assets on the market in Miami and the
surrounding areas.”
Wells adds, “We’re seeing a trend of foreigners who have
invested on the residential side in Miami looking to move into commercial
assets. We’ve developed contacts with
the foreign banks and money managers who have access to the clients.”
The overall outlook for US real estate assets with long-term
credit tenants remains strong across all commercial real estate market sectors.
“For credit rated
tenants with ten 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 Wells.
“Cap rates will rise
slightly going forward in respect to the increase in interest rates but overall
demand for credit assets will continue.”
The buyer, OTE, LLC was represented by Jorge Ramirez.
The property is
located at 7200 NW 2nd Ave. in Miami and consists of an 11,825 sq./ft.
building that was recently renovated for Family Dollar corporate. Family Dollar has an investment grade credit
rating of BBB-
For more information, contact:
David Wells
305.498.6095
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