Recently Sold - CVS Pharmacy, Springfield, OH
Thomas Company is pleased to announce the recent sale of a CVS retail asset in Springfield, OH totaling +/- 9,663 square feet. The list price was $2.68 million. The asset was structured with long-term fixed-rate CTL financing. The buyer was in a 1031 exchange and was attracted to the flexible nature of the investment structure to fulfill their specific exchange constraints.
Highlights
- ZERO-CASH-FLOW STRUCTURE: Long-term, fixed-rate CTL financing.
- MANAGEMENT-FREE OWNERSHIP: The Tenant has executed a 25-year bondable net lease (NNNN) with no Landlord responsibilities whatsoever. The Tenant is responsible for all management and maintenance of the asset.
- PASSIVE LOSSES: The property provides the owner with significant passive losses (depreciation and interest expense) to help offset unsheltered cash flow from other real estate investments.
Recently Sold - CVS Pharmacy, Alpharetta GA
Thomas Company is pleased to announce the recent sale of a CVS retail asset in Alpharetta, GA totaling +/- 13,225 square feet. The list price was $3.7 million. The buyer was attracted to the long-term lease, below-market rent, and Atlanta MSA location.
- MANAGEMENT-FREE OWNERSHIP: The Tenant recently executed a 20-year absolute net lease (NNN) with no Landlord responsibilities whatsoever. The Tenant is responsible for all management and maintenance of the asset.
- AFFLUENT ATLANTA SUBURB: 3-mile average household income of $151,633
- BELOW-MARKET RENTAL RATE: CVS’s contractual rental rate was approximately 40% below fair market value.
Recently Sold - Amazon Distribution Facility
Thomas Company is pleased to announce the recent sale of an Amazon Distribution Center in the Southeast. The property closed as an off-market transaction. The buyer was attracted to the asset due to the long lease term in pace and strong credit profile of the tenant.
Highlights
- Long-Term Passive Ownership
- Investment-Grade Guarantee
- E-Commerce Tenancy
Please give us a call or send us an email to discuss our current triple net lease availability or your investment criteria. 800.775.3350 | info@thomascompany.com
Recently Sold - Orgill Distribution Facility, Sikeston, MO
Thomas Company is pleased to announce the sale of an Orgill distribution facility totaling +/- 1,026,000 square feet. The list price was $42.3 million. The distribution center services Orgill’s retail customers in the entire Midwest region and is the largest in Orgill’s network. The facility receives all of Orgill’s international shipments, making it a key part of Orgill’s overall distribution network. The asset was structured as zero-cash-flow investment, with long-term fixed rate CTL financing. The tenant executed a 23-year bondable triple-net lease with no landlord responsibilities. The in-place debt fully-amortizes prior to lease expiration. The purchaser was attracted to the easily assumable mortgage and the passive losses generated by the investment.
Recently Sold - Vons Grocery Store, Huntington Beach, CA
Thomas Company is pleased to announce the recent sale of a Vons grocery store in the Los Angeles, California metropolitan area. The asset was unlisted and closed as an off-market transaction. The tenant had executed a 20-year absolute-net lease with fixed rent increases, providing the investor long-term, stable cash flow. The lease was guaranteed by Albertsons Companies, Inc. the second largest traditional grocer in the United States, with over 2,500 locations and serving 34 million customers per week. The purchaser was attracted to the property’s essential business use and premium coastal location.
Recently Sold - Bayer-Monsanto Seed Production Facility, Marana, AZ
Thomas Company is pleased to announce the sale of a Bayer/Monsanto seed production and innovation facility in Marana, Arizona, totaling +/- 436,000 square feet. The list price was $111 million. The asset was structured as a zero-cash-flow investment, with long-term fixed rate CTL financing. The property was also subject to a 99-year prepaid ground lease, allowing the investor to depreciate their entire cost basis. The purchaser was attracted to the asset due to the financial strength of the tenant/guarantor, the in-place assumable mortgage, and the passive losses generated by the investment.
Recently Sold - Safeway Grocery Store, Lacey, WA
Thomas Company is pleased to announce the sale of a Safeway grocery store in the Olympia, WA MSA. The tenant had executed a 20-year absolute-net lease with fixed rent increases, providing the investor long-term, stable cash flow. The purchaser was seeking exposure to the Pacific Northwest region and was attracted to the property’s essential business use.
Albertsons Companies, LLC (“Albertsons”, or the “Company”) is the 2nd largest traditional grocer in the United States serving over 34 million customers per week and generating $60 billion in sales annually. As of June 2017, the Company operated 2,329 stores across 35 states under 20 well-known banners with long operating histories.
Recently Sold - CVS Zero-Cash-Flow Portfolio Transactions
Thomas Company is pleased to announce the sale of two CVS zero-cash-flow portfolio transactions, sold to the same purchaser. The first transaction included 7 triple net lease properties, totaling +/- 93,400 SF, and closed in April 2020. The second transaction included 6 triple net lease properties, totaling +/- 75,000 SF, and closed in May 2020. Each of the assets has a 25-year lease and in-place assumable mortgage that fully amortizes coterminously with the lease. Each of the leases are structured as bondable triple-net (NNN), with no landlord responsibilities whatsoever. The purchaser was a real estate developer who was attracted to the unique tax benefits of the investment structure and the passive losses generated by the investments.
Recently Sold - McLendon Hardware, Sumner, WA
Thomas Company is pleased to announce the sale of a +/- 32,600 square foot McLendon Hardware store located in Sumner, WA. The tenant executed a 20-year, triple net lease in 2017 with 2% annual escalations. The sale represents the fourth McClendon Hardware asset sold by Thomas Company on behalf of our client.
McLendon Hardware is a fourth-generation, family-owned retailer operating in Washington’s Puget Sound region. The company has built a loyal following through its dedication to excellent customer service and extensive product selection, winning awards including the Angie’s List Super Service Award, 425 Magazine’s “Best Hardware Store” listing, and a best-value nod from Checkbook.org’s non-profit consumer reports.
Recently Sold - McLendon Hardware, Seattle MSA
Thomas Company is pleased to announce the sale of a +/- 117,830 square foot McLendon Hardware located in Renton, WA, which is part of the greater Seattle metropolitan area. McLendon Hardware executed a 20-year, triple net lease when the property was constructed in 2017.
Seattle is the largest city in the Pacific Northwest region and the fastest-growing American city of the past decade, with an 18.7% population increase since 2010. As of 2018, the Seattle–Tacoma–Bellevue MSA was home to an estimated population of 3.94 million, comprising more than half of the state’s total population. It is the 15th largest MSA in the United States. In 2018, Forbes Magazine ranked Seattle #1 on their list “Best Cities for Business and Careers.”