RALEIGH, NC—A two-tenant strip center in Apex, NC has traded hands. The net leased asset, which is located at 720 West Williams street in the Raleigh suburb, sold for $2.3 million. The deal is small but it signals a trend toward investors hunting for multi-tenant strip centers.
A corporately-guaranteed Verizon Wireless and a Young-In Martial Arts fully occupy the net leased asset. The retail property sits next to a Rite Aid at a signalized intersection of West Williams Road and Hunter Street, which sees more than 30,000 cars a day pass by.
Randy Blankstein and Jimmy Goodman of Boulder Group represented both the seller and purchaser in the transaction. The seller was a NC-based partnership. The purchaser was an East Coast based private investment firm.
“The market for net lease properties in top MSAs remains active as these assets are in high demand among private investors,” says Blankstein, president of Boulder. The retail center is also next to a Harris Teeter grocery-anchored development and across the street from a Lowes Foods-anchored development.
“As there are a limited amount of core assets in the market, some investors are seeking higher yielding assets such as multi-tenant strip centers,” says Goodman, partner of Boulder. Five years remain on both net leases. There is a 10% rental escalation in the renewal option for Verizon Wireless.
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