RALEIGH, NC—A two-tenant strip center in Apex, NC has tradedhands. The net leased asset, which is located at720 West Williams street in the Raleigh suburb, sold for $2.3million. The deal is small but it signals a trend toward investorshunting for multi-tenant strip centers.

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A corporately-guaranteed Verizon Wireless and a Young-In MartialArts fully occupy the net leased asset. Theretail property sits next to a Rite Aid at asignalized intersection of West Williams Road and Hunter Street,which sees more than 30,000 cars a day pass by.

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Randy Blankstein and JimmyGoodman of Boulder Group represented boththe seller and purchaser in the transaction. The seller was aNC-based partnership. The purchaser was an East Coast based privateinvestment firm.

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“The market for net lease properties in top MSAs remains activeas these assets are in high demand among private investors,” saysBlankstein, president of Boulder. The retailcenter is also next to a Harris Teeter grocery-anchored developmentand across the street from a Lowes Foods-anchored development.

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“As there are a limited amount of core assets in the market,some investors are seeking higher yielding assets such asmulti-tenant strip centers,” says Goodman, partner of Boulder. Fiveyears remain on both net leases. There is a 10%rental escalation in the renewal option for Verizon Wireless.

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