LAS VEGAS—GlobeSt.com has exclusively learned that Nevada based NNN Acquisitions, a newly formed company of Mark Weber, the owner of 180 Capital, has purchased 17 industrial buildings in six states. The acquisition price was $40 million.
The properties are located in Los Angeles, Santa, Clara, Garden Grove, Texas, North Carolina, Virginia, West Virginia, and Maryland. The Irvine, CA office of Lee & Associates negotiated the sale.
Brian Garbutt, Matt Kemp and Alex Lyon of Lee & Associates Irvine represented the NNN Acquisitions in the transaction with different listing brokers on the properties. Lee & Associates is actively pursuing other long-term single tenant NNN properties for the firm around the country as they intend to buy an additional $60 million in properties over the next four months and are closing on another $30 million in properties within 45 days.
“We assembled a portfolio of buildings that included companies that had occupied the buildings for a long period of time,” Garbutt explains. “These tenants would have had a hard time moving because of specialized infrastructure and fixturization, we believe they will be in the building for a long lease period.”
According to Garbutt, the company will buy in secondary and tertiary markets “as long as the company is strong and has been in business a long time and has a reason for being and staying in the property they are leasing.”
Lee & Associates could not disclose the seller's identity at this time or the addresses and specific square footage, but we will update this story as we learn more.
© 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.
