All-Cash Buyers Close on Single-Tenant Deals

The property occupied by T.J. Maxx is situated on just over two acres at 10727 South St.in Cerritos. Built in 1969 and renovated in 2002, it sold for $2.8 million.

According to Faris Lee senior managing director Dennis Vaccaro, who represented both the buyer and the seller, Los Angeles-based Bolour Trust, a private real estate investment trust, paid all cash for the the property, which it acquired from Portland, OR-based Pacific Realty Associates. Vaccaro notes that the T.J. Maxx location, which attracted eight offers, is one of many properties where Faris Lee is currently representing large, national retail REITs and institutions on transactions focusing on single-tenant sales.

Over the past several weeks, Faris Lee reported the sale of five single-tenant properties occupied by Kohl's Department Stores on behalf of the seller, Macerich, as well as the $20.5 million portfolio sale of three single-tenant properties occupied by Best Buy to Phoenix, AZ-based Cole Real Estate Investments.

In the Santa Clarita deal, all-cash buyer, La Quinta-based Double T Trust paid $2.1 million for the property occupied by Time Warner Cable. Double T bought the property from Valencia-based Centre Pointe Marketplace LLC, which was represented by Chris Tramontano, director of advisory services for Faris Lee. Double T Trust was represented by Professional Realty Group.

Built in 2007, the property is located on the Northwest Corner of Golden Valley Road and Buck McKeon Way and was the final sale in a complex break-up strategy executed by Faris Lee on behalf of the seller for five parcels at Centre Pointe Marketplace. The five transactions totaled nearly $42 million.

In the Visalia deal, all-cash 1031 exchange buyer MKR Associates of Gardena, represented by Faris Lee director Shaun Riley, paid more than $1.9 million for the ground lease on a property occupied by a McDonald's at 3102 N. Dinuba Blvd. MKR bought the lease from Costa Mesa-based Donahue Schriber, which was represented by CB Richard Ellis. The sale closed in 17 days, Riley notes.