Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
California Buyer Acquires Ohio Arby’s from California Seller
Stan Johnson Company (SJC) completed the sale of a freestanding Arby’s restaurant in Mentor, OH for $1.75 million. The 6,960-square-foot single-tenant net lease property was sold by a private investor from Pebble Beach, CA, who was represented by SJC’s Susan Harris and Jeff McKinney.
The buyer, a family trust from Irvine, CA, was represented by SJC’s Ronnie Givargis. The asset traded at a 6.67% cap rate in a 1031 exchange property for both the buyer and seller.
“The seller had achieved her investment goals with the Arby’s property and made the decision to sell based on a combination of factors,” said Harris, associate director in SJC’s Sausalito, CA office. “Primarily, the base term had dropped below 10 years, which is a gold standard for many net lease investors, and it was time to roll her investment into a property with a longer triple-net lease.”
Connect Industrial Midwest is coming to Rosemont, IL on March 4. For more information, or to register, click here.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
