Recently Sold - CVS Springfield, MA
Thomas Company is pleased to announce the closing of CVS retail asset in Springfield, MA. The list price was $4.42 million. The transaction was for the leasehold interest, meaning only the building’s improvements were sold. The investment-grade credit of the tenant allowed the buyer to maximize LTV, replace a significant amount of debt from their exchange, while generating a higher yield than on a fee simple acquisition.
Highlights
- MANAGEMENT-FREE OWNERSHIP: The Tenant recently executed a 19-year absolute net lease (NNN) with no Landlord responsibilities whatsoever. The Tenant is responsible for all management and maintenance of the asset.
- LEASEHOLD INTEREST: The transaction was for the leasehold interest only, allowing the buyer to depreciate 100% of their cost basis.
Recently Sold - CVS Portfolio
Thomas Company is pleased to announce the recent sale of two-property CVS retail portfolio – locations in Lakewood, WA and Waverly, OH. The combined list price was approximately $12.4 million. The assets were structured with long-term fixed-rate CTL financing. The transaction underscores the market’s recent uptick in demand for zero-cash-flow product. This was the buyer’s first zero-cash-flow transaction. They were attracted to the flexible nature of the investment structure to fulfill their specific exchange constraints and the easily assumable financing.
Highlights
- ZERO-CASH-FLOW STRUCTURE: Long-term, easily assumable, fixed-rate CTL financing.
- MANAGEMENT-FREE OWNERSHIP: The Tenant has executed a 25-year bondable net lease (NNNN) with no Landlord responsibilities whatsoever. The Tenant is responsible for all management and maintenance of the asset.
- PASSIVE LOSSES: The property provides the owner with significant passive losses (depreciation and interest expense) to help offset unsheltered cash flow from other real estate investments.
Recently Sold - 7-11, White Plains, MD
Thomas Company is pleased to announce the recent sale of a Research & Development/ Manufacturing facility leased to Merit Medical Systems, Inc. in Pearland, TX. The property totaled approximately 95,500 SF and closed as an off-market transaction. The buyer was attracted to the asset due to the long lease term in place, strong credit profile of the tenant, and appealing Texas location.
Key Highlights
- Long-Term Passive Ownership
- Annual Rent Increases
- Houston MSA
- Mission-Critical Facility
Recently Sold - Merit Medical, Houston, TX
Thomas Company is pleased to announce the recent sale of a Research & Development/ Manufacturing facility leased to Merit Medical Systems, Inc. in Pearland, TX. The property totaled approximately 95,500 SF and closed as an off-market transaction. The buyer was attracted to the asset due to the long lease term in place, strong credit profile of the tenant, and appealing Texas location.
Key Highlights
- Long-Term Passive Ownership
- Annual Rent Increases
- Houston MSA
- Mission-Critical Facility
Recently Sold - CVS Pharmacy, Springfield, OH
Thomas Company is pleased to announce the recent sale of a CVS retail asset in Springfield, OH totaling +/- 9,663 square feet. The list price was $2.68 million. The asset was structured with long-term fixed-rate CTL financing. The buyer was in a 1031 exchange and was attracted to the flexible nature of the investment structure to fulfill their specific exchange constraints.
Highlights
- ZERO-CASH-FLOW STRUCTURE: Long-term, fixed-rate CTL financing.
- MANAGEMENT-FREE OWNERSHIP: The Tenant has executed a 25-year bondable net lease (NNNN) with no Landlord responsibilities whatsoever. The Tenant is responsible for all management and maintenance of the asset.
- PASSIVE LOSSES: The property provides the owner with significant passive losses (depreciation and interest expense) to help offset unsheltered cash flow from other real estate investments.
Recently Sold - CVS Pharmacy, Alpharetta GA
Thomas Company is pleased to announce the recent sale of a CVS retail asset in Alpharetta, GA totaling +/- 13,225 square feet. The list price was $3.7 million. The buyer was attracted to the long-term lease, below-market rent, and Atlanta MSA location.
- MANAGEMENT-FREE OWNERSHIP: The Tenant recently executed a 20-year absolute net lease (NNN) with no Landlord responsibilities whatsoever. The Tenant is responsible for all management and maintenance of the asset.
- AFFLUENT ATLANTA SUBURB: 3-mile average household income of $151,633
- BELOW-MARKET RENTAL RATE: CVS’s contractual rental rate was approximately 40% below fair market value.
Recently Sold - Amazon Distribution Facility
Thomas Company is pleased to announce the recent sale of an Amazon Distribution Center in the Southeast. The property closed as an off-market transaction. The buyer was attracted to the asset due to the long lease term in pace and strong credit profile of the tenant.
Highlights
- Long-Term Passive Ownership
- Investment-Grade Guarantee
- E-Commerce Tenancy
Please give us a call or send us an email to discuss our current triple net lease availability or your investment criteria. 800.775.3350 | info@thomascompany.com
Recently Sold - Orgill Distribution Facility, Sikeston, MO
Thomas Company is pleased to announce the sale of an Orgill distribution facility totaling +/- 1,026,000 square feet. The list price was $42.3 million. The distribution center services Orgill’s retail customers in the entire Midwest region and is the largest in Orgill’s network. The facility receives all of Orgill’s international shipments, making it a key part of Orgill’s overall distribution network. The asset was structured as zero-cash-flow investment, with long-term fixed rate CTL financing. The tenant executed a 23-year bondable triple-net lease with no landlord responsibilities. The in-place debt fully-amortizes prior to lease expiration. The purchaser was attracted to the easily assumable mortgage and the passive losses generated by the investment.
Recently Sold - Vons Grocery Store, Huntington Beach, CA
Thomas Company is pleased to announce the recent sale of a Vons grocery store in the Los Angeles, California metropolitan area. The asset was unlisted and closed as an off-market transaction. The tenant had executed a 20-year absolute-net lease with fixed rent increases, providing the investor long-term, stable cash flow. The lease was guaranteed by Albertsons Companies, Inc. the second largest traditional grocer in the United States, with over 2,500 locations and serving 34 million customers per week. The purchaser was attracted to the property’s essential business use and premium coastal location.
Recently Sold - Bayer-Monsanto Seed Production Facility, Marana, AZ
Thomas Company is pleased to announce the sale of a Bayer/Monsanto seed production and innovation facility in Marana, Arizona, totaling +/- 436,000 square feet. The list price was $111 million. The asset was structured as a zero-cash-flow investment, with long-term fixed rate CTL financing. The property was also subject to a 99-year prepaid ground lease, allowing the investor to depreciate their entire cost basis. The purchaser was attracted to the asset due to the financial strength of the tenant/guarantor, the in-place assumable mortgage, and the passive losses generated by the investment.