SAN JOSE-Those who follow @GlobeStcom onTwitter and @GlobeStLIVEmay have seen a post teasing the announcement, but GlobeSt.com haslearned that Jereme Snyder and EricCarlton of Colliers International hascompleted the sale of a single-tenant retail property NNN feesimple ground lease for $12 million. The seller is Phoenix-basedCole Capital. The buyer,HDSJ LLC, is a private investorbased out of New York City.
The property, located at 635 W. Capitol Expressway in San Jose,“set a new national sales record for the big-box retailer-occupiedproperty with an aggressively low closing cap rate of 4.68%,”according to Colliers. The NNN retail property market is forecastedto remain highly competitive in 2013, explains Snyder.
“We believe there may be room for further CAP rate compressionfor premier net lease assets,” he says. “Despite lower CAP rates,NNN assets occupied by strong credit-worthy tenants offer acomfortable premium over the five and 10 year Treasuries as well asother investment-grade investments.”
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