Bennett and Barr, who just recently closed on a $12.2 million sale of LA Fitness in Irving, Texas, said the drugstores were a mix of both long term and short term NN and NNN leases. In addition, fifty percent of the transactions were off-market deals that the Barr & Bennett Net Leased Group were able to source for their client.
“By leveraging our client relationships, we were able to source off-market drugstores that had zero competition from other investors,” said Bennett. “We focused on NN drugstores that had under 10 years of lease term remaining which are highly sought after by investors in today’s marketplace. This enabled our client to achieve a much higher yield when blended with the long term NNN locations,” said Barr.
The transactions included: four-unit Phoenix portfolio for $15.9 million; Deltona, Fla. for $2.86 million; Lubbock, Texas for $3.51 million; St. Joseph, Mo. for $5.4 million; Springfield, Ill. for $5.15 million; Uniontown, Penn. for $6.3 million; and Indianapolis, Ind. for $4 million.
Barr and Bennett Net Leased Investment Group specializes in the acquisition and disposition of net leased assets nationwide.
About Lee & Associates
Celebrating more than 34 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 48 locations across the nation including Arizona, California, Georgia, Idaho, Indiana, Illinois, Kansas, Maryland, Michigan, Missouri, Nevada, New Jersey, Texas and Wisconsin. With a roster of nearly 750 expert brokers, Lee & Associates provides a wide range of specialized commercial real estate services. Additional information is available at www.lee-associates.com.