CHARLOTTE, NC—A 4,500-square-foot net leased Verizon Wireless building in Wilson, N.C. has a new owner. A private investor grabbed the asset for $1.75 million.
Preet Sabharwal and Britt Raymond, both from Marcus & Millichap‘s Manhattan office, and James Allen Smith, from the firm’s Charlotte, N.C. office, had the exclusive listing to market the property on behalf of the seller, a developer. Sabharwal and Raymond also secured the buyer.
“The seller, a merchant developer, saw an opportunity in the market to dispose of an asset with a short-term corporate lease,” says Sabharwal. “The short-term lease risk was passed onto a private buyer based in North Carolina, whose risk profile included investment grade rated tenants with short leases in strong locations.”
Verizon Wireless is located on Raleigh Road, southwest of the Forest Hills and Westpoint submarkets, in Wilson. There are currently four years remaining on this double net lease, with two five-year options. M&M reports the property has strong rental increases within the base term and option periods.