DALLAS The Landes Group, a privately held real property investment firm, announced its acquisition of 27 retail residences in a transaction worth $86 million. The 563,000-square-foot portfolio is composed entirely of single-tenant internet leased property, along with 5 Wawa locations, ten Walgreens, 8 CVS Pharmacy shops and 4 Service King Collision Repair shops. Collectively, the belongings in the portfolio are placed in 12 states.
“Landing this portfolio is a big win for us. There have been a handful of customers nonetheless vying for the deal on the nice and final offer spherical; however, we emerged as the lead customer because of our potential to decide the cost of the whole portfolio, which include the underlying actual estate fee of the 0 cash drift property,” said Justin Grissen, Chief Investment Officer for The Landes Group.
Upon officially remaining at the stop of 2018, the deal became the maximum various portfolio to-date for the company, which invests in tenants it believes to be enterprise-strong while preserving long-term cost via any risky economic cycles. Each property in the collection is presently occupied underneath long-term triple internet leases in places that continuously see excessive-traffic volumes.
According to The Landes Group Founder and CEO Brett Landes, “2018 was a completely lively yr for us in which we closed 65 internet rent transactions. Our strategic relationships with tenants throughout the united states of America make sure we create a fee for both our tenants and our buyers. We are excited to enter 2019 with a healthful ebook of enterprise, waiting to close on 35 property inside the first area. In our increasingly tumultuous financial surroundings, we keep in mind the single-tenant retail enterprise to be a strong staple, in particular in areas in which we assume a steady boom.“
Key partners inside the transaction consist of US Bank, JLL and the regulation company of Leichty, McGinnis, Berryman & Bowen.
The Landes Group is a Dallas-based privately-held real estate funding firm focused on assisting company real property users and investors optimize the economics in their real estate portfolios. The firm makes a specialty of yield optimization thru new debt and hire restructures, sale-leaseback transactions, re-tenanting opportunities, and 1031/1033 tax-deferred exchanges. Since 2006, the company, together with its associates, has closed greater than $sixteen billion in sales which have been entirely focused on unmarried tenant leased belongings, ensuing in stable, long-time period relationships with multiple Fortune 500 groups.