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.”
Thomas Company Hires Ben Smith
Ben joined Thomas Company in August 2019. As Associate Director, Ben’s primary role consists of sourcing new business opportunities and representing developers, owners, and investors in the disposition of net leased assets across the United States. This includes property due diligence, sourcing purchasers of net leased properties, and client relationship management.
Prior to Thomas Company, Ben worked with a non-profit developer in Seattle where he analyzed nearly $1 billion in potential developments and sourced debt financing for active projects over all property types. Prior to that he was a part of a brokerage that specialized in sourcing and aggregating individual investment properties to sell to investors.
Ben is a graduate of the University of Washington’s Michael G. Foster School of Business where he obtained a Bachelor’s of Business Administration with a focus in Information Systems. Ben is a member of NAIOP, and a licensed Washington State real estate broker.
Thomas Company Negotiates Sale of 61-Property CVS Portfolio
Thomas Company is pleased to announce the completed individual sales of a 61-property CVS portfolio. All properties within the portfolio were offered unlevered and free and clear of debt. Each store has a 25-year, absolute triple-net (NNN) lease in place with no landlord responsibilities and no rent holidays.
All stores are recently constructed or have been recently renovated and are located throughout the U.S in 28 states. Combined, the properties total more than 807,000 square feet of retail space.
CVS Health Corporation (S&P: BBB, NYSE: CVS), together with its subsidiaries, is one of the largest pharmacy health care providers in the United States with integrated offerings across the entire spectrum of pharmacy care. As of June 2017, CVS operated 9,700 retail stores in 49 states, the District of Columbia, Puerto Rico, and Brazil under the CVS pharmacy name. CVS Health continues to show strong growth and earnings.
Thomas Company Negotiates Sale of Industrial Distribution Center
Thomas Company recently led the negotiations and closing of a 968,250 square foot office distribution center fully leased to Supervalu, Inc, (NYSE: SVU) which has merged with United Natural Foods (NASDAQ: UNFI) to create America’s premier food wholesaler. The property is located on approximately 52 acres of land in the greater Chicago area of Joliet, IL.
The property was sold with a 20-year lease which commenced at the close of escrow. It included rent increases throughout the term and five, five-year options to extend. The absolute triple-net (NNN) lease with no landlord responsibilities provides the investor with truly passive ownership.
This state of the art industrial distribution center was built in 2009. A construction grade building, the interior is divided into dry storage, refrigerated storage, and necessary support areas in the warehouse area, as well as general and private office space. The building offers 110 dock doors and 150 trailer spots with 33% of the space being temperature controlled. In addition, the clearing height is approximately 34 feet. It is situated in a primary Chicago industrial submarket with convenient access to Interstate 80, a transcontinental highway.
In addition to this recent transaction, Thomas Company has successfully executed more than $5.6 billion worth of single-tenant transactions, continuing to deliver superior results for our clients.
Net Lease Stays Steady
By Joe Gose, Shopping Center Business
Jeffrey Thomas was recently featured in the May issue of the Shopping Center Business story, “Net Lease Stays Steady.” Read the excerpt below:
The best price of debt for the best net lease properties with investment grade tenants already has increased some 25 basis points to around 4.25 percent from last year, says Jeffrey Thomas, founder of Seattle-based Thomas Company. And they’re only going to rise from there, he predicts.
“The speed at which those changes can occur can slow things down because there’s going to be a disconnect between buyer and seller expectations,” he cautions. “We know people that have a real need to transact, but they’re taking time to digest some of these investments, especially the larger deals.”
While sellers over the past several months have largely refused to budge on price, Thomas says that some are beginning to quietly re-engage previously interested buyers with sweetened deals. That typically marks the start of a broader re-pricing process, he adds.
Read the full article at Shopping Center Business >>
Thomas Company Arranges Sale of Orgill INC. Industrial Distribution Center
With more than $5.6 billion worth of single-tenant transactions executed successfully, Thomas Company continues to deliver superior results for our clients with the sale of a freestanding industrial distribution center.
Situated on 31.4 acres of land in Post Falls, Idaho, this customized facility covers over 465,000 square feet and is fully leased by Orgill, Inc. The triple-net lease commenced in August of 2017 and the property was offered as a zero-cash-flow investment with fully amortizing debt in place.
This property is Orgill’s seventh full-service distribution center. Recent renovations added 25,000 square feet to the property and included the installment of material-handling, inventory tracking and storage systems.
Orgill, Inc. is the largest independently- owned hardlines distributor in the world, and one of the largest privately-held companies in the United States. The company was recently praised for bringing over 130 new jobs to Post Falls with this distribution center, and was recognized for its positive community impact at the Trade & Industry Development 12th Annual Corporate Investment and Community Impact (CiCi) Awards.
Thomas Company is proud to have led the negotiations and closing of this property.
Thomas Company Arranges Sale of Single Tenant Office and Manufacturing Property
Thomas Company recently led the negotiations and closing of an 82,737 square foot office and manufacturing property leased to Spectranetics, a subsidiary of Royal Philips (NYSE: PHG, S&P: BBB+). The property is located on approximately 10.9 acres in the prestigious InterQuest Business Park in Colorado Springs, Colorado. The property was sold free and clear of debt with a triple net lease in place offering two, five year extension options.
InterQuest Business Park is one of Colorado Springs’ most desirable office and retail locations with established corporate tenants like United HealthCare, Lockheed Martin, Walmart, Quantum Corporation and Cherwell Software. This 4-story Spectranetics asset acts as the company’s headquarters and primary manufacturing facility. Spectranetics has invested heavily in this property, including the addition of a brand new cafeteria with an outdoor seating area, a fitness center, elevator upgrades, and a lobby and basement remodel.
Spectranetics is a leading developer and manufacturer of single-use, cardiovascular medical devices. They were recently acquired by Royal Philips, a global leader in health technology with revenue exceeding EUR 24.5 billion.
In addition to this most recent transaction, Thomas Company has successfully executed more than $5.6 billion worth of single-tenant transactions, continuing to deliver superior results for our clients.
Thomas Company Arranges Sale of Research and Development Facility
Thomas Company announces the sale of a free-standing research and development facility. This mission critical property is located on over 18 acres of land in Middletown, Ohio. It is fully leased to AK Steel Holding Corporation (NYSE:AKS). The property was sold with a new 18-year, triple-net lease in place, incorporating 2% annual rent increases and multiple renewal options.
The 135,433 square foot, built-to-suit asset features a modern office space, state of the art laboratories, steel manufacturing facilities, and a 10,000 square foot conference center built to enhance customer technical service and host symposiums.
AK Steel is a world leader in the production of flat‐rolled carbon, stainless and electrical steel products. AK Steel’s heritage spans more than one hundred years, and today, the company operates eight steel plants, two coke plants and two tube manufacturing plants across six states. They employ nearly eight thousand people.
Thomas Company is proud to have negotiated and closed this transaction. With more than $5.6 billion worth of single-tenant transactions executed successfully, we continue to deliver superior results for our clients.
Real Estate Forum 2015 Top Retail Brokers
Jeffrey Thomas is recognized as one of Real Estate Forum’s 2015 Top Retail Brokers.
Real Estate Forum’s annual list is a ranking of the nation’s most prolific retail investment sales professionals. From July 2014 through June 2015, Jeffrey Thomas completed 120 sales at a total dollar value of $471,752,644 and 1,584,952 square feet.
Jeffrey Thomas is the Managing Director of Thomas Company, an investment brokerage focused on national, single tenant net leased properties.
Read more at Real Estate Forum »
Thomas Company Q1 Results
Thomas Company announces our 2015 first quarter results, with 72 properties sold for a total of $295 million.
Thomas Company provides single tenant, net leased investment brokerage and capital markets advisory nationwide.
With over $5 billion worth of single-tenant transactions successfully executed, we have delivered superior results for our clients.
Our clients include public and private REITs, equity funds, developers, private and institutional investors, corporations (publicly and privately held), private equity firms, investment banks, family offices and high-net-worth investors.
Thomas Company has developed an international distribution network of real estate investors and advisors that include active professionals across 50 states and 5 continents.