National + Net Lease | August 14, 2023

Newmark Closes Sale of Six-State Net Lease Portfolio

Newmark completed the $24.6-million sale of a nine-property, net leased retail portfolio spanning across Alabama, Florida, Illinois, Indiana, Michigan and New York. The portfolio comprises nine net leased assets totaling nearly 250,000 square feet.

Vice chairman Matt Berres, director Samer Khalil and associate Karick Brown of Newmark’s Net Lease Capital Markets group represented the seller, an undisclosed REIT, in the transaction to an undisclosed public REIT buyer.

“We have continued to see strong demand for select net leased retail assets on a national level, and this portfolio checked all the boxes with solid locations, exceptional tenant credit and favorable lease terms, making it a great addition to the buyer’s portfolio,” said Berres.

The portfolio is 100% leased to a diversified mix of leading retailers including: AutoZone in Aurora, IL; Bridgestone in Lisle, IL; Goodwill in Muncie and Greenwood, IN; O’Reilly in Atmore, AL; Sunbelt Rentals in North Syracuse, NY; and Tractor Supply in Escanaba Whitmore, MI and Brooksville, FL.

Connect

Inside The Story

Newmark's Berres

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

Order Reprints