The 10,200-sf property occupied by Amoco on an 11-year ground lease sold for slightly more than $3.2 million, representing a 6.5% capitalization rate. A South Florida investor bought the property to satisfy a 1031 exchange from a multifamily rental property.
A Wisconsin investor also needed to satisfy a 1031 exchange after selling a multifamily rental property, and found a replacement in a 3,966-sf property leased by Steak N Shake for eight years. The $1.875-million sale represents a 7.5% capitalization rate.
Meanwhile, Chili's holds a 10-year ground lease on a 4,202-sf property in Cleburne, TX, bought by a California investor who also sold a multifamily rental property. The $640,000 deal was at a 6.25% capitalization rate.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.