A $33 million off-market portfolio sale reinforces the continued strength of the single-tenant net-lease market. The 10 single-tenant net-leased retail assets encompassed properties in eight states: Texas, Ohio, Indiana, Michigan, Tennessee, Florida, Georgia and Alabama.
Totaling 134,851 square feet, the assets include six CVS Pharmacy stores, one Walgreens and three Tractor Supply Company stores.
SRS national net lease group’s Dan Elliot, Patrick Luther and Matthew Mousavi represented the buyer, private investment group, L2 Partners LLC, as well as the seller, Orion Real Estate Group, a private investment firm.
“This was an all-cash, off-market transaction,” said Elliot. “Both parties worked to expedite the due diligence process and the closing occurred as scheduled. This portfolio represented the rare opportunity to acquire a group of quality, stable net-leased assets offering diversification via location, tenant and lease term. Ultimately, this deal reinforces the current strength of the single-tenant net-lease market and the demand for retail tenants that have not only survived, but thrived in the current environment.”
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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