ALLEN, TX-A ground lease containing a 4,030-square-foot, free-standing building has traded ownership. A private investor from Newport Beach, CA acquired the property, which is leased to Wells Fargo Bank NA, from a family trust based in Henderson NE for an undisclosed price.
The four-year-old property is at 955 W. Bethany Dr. and is located within the Watters Creek mixed-use development. “The sale continues to show the demand for well-located single-tenant NNN investments in today’s market,” comments Patrick G. Kent, senior vice president at Hanley Investment Group in a press release. Kent represented the seller in the transaction, while Michael Abel of Lee & Associates was on hand for the buyer.
“The investment featured Wells Fargo with an over 10-year lease term at one of the highest quality mixed-use developments in the northerly MSA of Dallas, TX,” Kent adds. “This sale is evidence that buyer requirements continue to search for high quality assets with long term stability of cash flow.”