A single-tenant, net leased grocer property within Walla Walla’s Eastgate Marketplace Shopping Center traded hands for $16.2 million. The 60,026-square-foot building at 450 N. Wilbur Ave. is occupied by a national grocer on a long-term lease.
Newmark’s Matt Berres and Samer Khalil cooperated with Billy Sleeth and Paul Sleeth to represent the seller, an undisclosed publicly traded REIT. The undisclosed, Hawaii-based buyer is a 1031-exchange investor.
Berres says, “Single-tenant properties occupied by major grocers in good locations have continued to be highly sought after by net lease investors across the country.”
Khalil added, “This property checked all the boxes as an ideal net lease investment and traded at an aggressive cap rate for the market due to the strong national tenant and long-term passive lease structure with fixed rental increases.”
Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services.
In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company.
In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix.
Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator.
Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements.
Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.