Lee & Associates Negotiates $19.1 Million CarMax Retail Sale
Torrance, CA – January 11, 2012 – (RealEstateRama) — Lee & Associates Net Leased Group in Carlsbad, Calif., a division of the national brokerage firm Lee & Associates, has closed a $19.1 million sale of a car dealership property at 6801 E. Frontage Rd, in Merriam, Kansas. The 58,430-square-foot property, which is occupied by CarMax, Inc., was purchased by an undisclosed buyer. CarMax, which will remain in the property, has 17 years on the initial lease term, which also includes four, 5-year options to extend.
Ryan Barr and Ryan Bennett of Lee Net Leased Group assisted the buyer in the assumption of a complex CMBS loan that was already in place on the property. The seller was a non-traded REIT that represented themselves in the transaction.
“We were able to leverage some of our key relationships with institutional owners of net leased properties in order to meet our client’s tight timeline and to fulfill their 1031 exchange requirements.”
Barr and Bennett founded the Net Leased Group in 2007, which specializes in the acquisition and disposition of single tenant net leased assets in addition to shopping center investments nationwide.
About Lee & Associates
Celebrating more than 33 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 45 locations across the nation including Arizona, California, Florida, Georgia, Idaho, Indiana, Illinois, Kansas, Michigan, Missouri, Nevada, New Jersey, New York, Texas and Wisconsin. With a roster of nearly 700 expert brokers, Lee & Associates provides a wide range of specialized commercial real estate services. Additional information is available at www.lee-associates.com.
