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LOS ANGELES-New York Life Insurance Company has picked CB Richard Ellis to unload a 21-property portfolio of net-lease retail properties valued at more than $100 million.

The portfolio stretches from Texas to Florida to Connecticut and its tenants are national retailers. All the leases began with an initial term of 20-years, with the earliest expiration occurring in 2014. The average remaining term is in excess of 15 years.

The properties, the majority of them free standing, are being offered on an all-cash, “as is” basis, and offers will be considered for properties individually, in groups of two or more, or as a single portfolio. An offer submission date has not yet been announced; all registered investors will be notified.

Tenants in the portfolio include: Bi-Lo, Eckerd, Kohl’s, Kroger, Lowe’s Home Improvement Warehouse, Sam’s Club, Shaw’s, Walgreen’s and Winn Dixie. Brokers and principals interested in obtaining information on specific properties are being required to execute a confidentiality agreement.

Most of the properties in the portfolio are listed at between $2 million and $6 million, but two of the properties crest the $10-million mark. The most expensive asset is a 65,506-sf building built in 1997 and leased to Shaw’s through 2021. The asking price is $11.1 million. The second-most expensive individual asset for sale is a 131,575-sf building in West Hazelton, PA that is leased to Lowe’s Home Improvement Warehouse. The building was built in 1997 and the lease expires in 2017. The asking price is $10.55 million.

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