ATLANTA, GA – CBRE Executive Vice President Chris Bosworth and Vice President John Read announced today that the National Retail Investment Group – West (NRIG-West) team, in union with the Net Leased Property Group (NLPG), completed the sale of a four-asset portfolio comprised of four freestanding, single-tenant Lowe’s Home Improvement stores, totaling approximately 523,735 square feet with a sales price exceeding $81.6 million.
CBRE’s retail investment experts Chris Bosworth, John Read, Will Pike, Philip Voorhees, Jimmy Slusher and Brian Pfohl represented the seller, IRA Capital, LLC, a Newport Beach, Calif.-based real estate investment and management company. The buyer was American Realty Capital Properties, Inc. (NASDAQ:ARCP), a Phoenix, Ariz.-based commercial real estate investment trust (REIT).
According to Read, “The offering garnered interest from single-asset and multiple-asset buyers with portfolio purchasers focused on the opportunity to acquire a concentrated group of high-quality, net-leased assets in excellent locations within the Atlanta MSA.” He continued, “The strength of Lowe’s credit, coupled with strong historic occupancy and the seller recently signing 10-year lease extensions at the locations, appealed to a broad buyer pool consisting of institutional-level capital as well as private capital.”
Each of the Lowe’s in the offering was encumbered by long-term leases, and recently extended by ten years with six, five-year options to extend. While the American Realty Capital Properties acquired the portfolio debt-free, the offering included debt that could be assumed.
Bosworth added, “Amongst the final bidders were 1031-Exchange buyers, private US REITs, and a US and international institutional funds.”
According to Bosworth and Read, the CBRE team’s marketing system distributed more than 314 offering memoranda to investors and brokers, and through the team’s “managed bid” offer process, generated offers to purchase the property from multiple groups.
With this closing, CBRE’s NRIG-West team has closed 135 transactions since the start of 2012 for a total consideration exceeding $2.6 billion. In total, the NRIG-West team has listed and sold more than $8.5 billion in retail transactions. Select NRIG-West Team California listings include Orchard Supply Hardware in Thousand Oaks, Calif., listed for sale for $20,963,000; Moreno Marketplace in Moreno Valley, Calif., listed for sale for $20,896,000; and Center Plaza in Los Alamitos, Calif., offered for sale for $11,809,000.
More information available at www.cbre.com/nrigwest
NRIG-West Team focuses exclusively on retail investment properties in the western states (including CA, OR, WA, ID, NV, MT, WY, UT, AZ, NM and HI). The Team’s ability to collaborate across CBRE’s multi-discipline platform enhances the team’s role as strategic advisors to Western U.S. clients in the disposition and acquisition of retail properties, and ensures the delivery of superior results in today’s investment market. Long recognized as industry-leading investment experts, the NRIG-West Team continues to specialize in portfolio, anchored centers, strip centers, single-tenant assets, specialty retail projects, REO and Receivership assets and parcelized disposition strategy opportunities. Based in Orange County, Calif., the Team consists of specialists with institutional and private client relationships, and leverages institutional quality knowledge and service across unparalleled access to private capital investors and the brokers who represent them, domestically and around the world.
View listings: listings.nrigwest.com
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.
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About IRA Capital, LLC
IRA Capital is a private real estate investment company with expertise in acquiring and operating commercial real estate. The Principals of IRA Capital have more than five decades of combined real estate experience and have transacted more than $3.5 Billion across a range of asset classes and geographic markets. IRA Capital’s focuses on the acquisition of core-plus and value add properties across product types (multi-tenant office (including medical) and single & multi-tenant retail center). The firm’s goal is to preserve investor capital, and to provide enhanced risk-adjusted returns over a mid to long term hold period through consistent income and capital appreciation.
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