Buyer Pays Big to Enter Claremont Market

CLAREMONT, CA—The Acquisition Group has paid big to break into the Claremont market. It purchased a 22,750-square-foot single-tenant triple-net Sprouts Farmers Market from HCLARE LLC at a 5% cap rate. The purchase included the Acquisition Group’s assumption and defeasance of a $600,000 loan, which it paid off to obtain new financing. Additionally, Sprouts has only seven years remaining on its lease term.

“Single-tenant triple-net properties are in very high demand right now. This property was definitely well received because of that and because Claremont is an upscale area with a very limited amount of competition,” Fariba Kavian, an SVP at NAI Capital, tells GlobeSt.com. “However, there were obstacles. There were only approximately seven years remaining on the lease term and there was an existing loan that had to be assumed or defeased. We still had multiple offers on the property and ultimately chose a buyer that did not have a financing contingency.” Kavian represented the seller in the transaction.