NEW YORK CITY-In an agreement that highlights the rarity and value of net lease portfolios in New York City, Stan Johnson Co. has been exclusively retained to find a buyer for a portfolio of 12 commercial buildings leased by Banco Popular, GlobeSt.com has learned EXCLUSIVELY. The portfolio—which is comprised of 333 locations—is being offered unpriced, given its attractive, long-term leases coupled with available air rights, available space, and unique development opportunities.
Says Camille Renshaw, director, investment sales at Stan Johnson, “Ball park price it will sell for $150 million. The pricing is not on a strict cap rate basis, as we have loads of air rights, vacancy, and very nice development clauses in Banco's leases.”
Renshaw, along with associates David Bailey and Scott Scurich are handling the marketing of this property. The property will be sold through a bid process, with all offers due at noon on October 17, 2013.
The offer includes 12 core New York City assets; four in Manhattan; three in Brooklyn, three in the Bronx and two in Queens. All locations are leased to Banco Popular North America. Additionally, four locations feature multiple tenants, including Sleepy's.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
