FORT LAUDERDALE, FL—A Verizon Wireless property in Palm Bay, FL has traded hands. Calkain Cos. Reports multiple offers on the listing.
Ultimately, the seller agreed to trade the net leased asset to an all-cash buyer who paid nearly full price. The deal closed in 20 days of escrow.
Coast Realty represented the buyer. The buyer paid $1.86 million for the net leased property, which resulted in a 6.67% cap.
“This Verizon, with its lease guaranteed by Cellular Sales of Knoxville, had seven years remaining on its initial term,” says Doug Aronson, director at Calkain who represented the seller in the transaction. “We priced it aggressively at a 6.65% cap when most deals of this nature were trading at or above a 7% cap for a lease length of under ten years in a secondary market.”
Want more on the net lease sector? Check out my recent trend stories:
Why Build-to-Suit is Gaining Momentum
Why Foreign Investors are Falling Into This Net
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
