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Sale Sets New National Cap Rate Record

DALLAS—Just Brakes stores were acquired by Pep Boys, led by investor Carl Icahn, with the record-setting property having an eight-year absolute NNN lease including a corporate guarantee and strong increases every five years.

Just Brakes Just Brakes is located at 6530 North Central Expressway.

DALLAS—The recent sale of a single-tenant Just Brakes store set a new national cap rate record. However, the price and cap rate were undisclosed due to Texas’ status as a nondisclosure state. The 3,377-square-foot store, built in 1964 and remodeled in 2014, is situated on .21 acres, located at 6530 North Central Expressway, near Southern Methodist University.

Hanley Investment Group executive vice president Eric Wohl, along with associates Austin Blodgett and Andrew Cunningham, represented the buyer, a private investor based in Austin, TX, and the seller, a private development firm based in Chicago. According to Wohl, the property had an eight-year absolute NNN lease with a corporate guarantee and strong increases every five years.

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Lisa Brown

Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.

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