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 comprises single-tenant internet leased property, 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 properties 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 in optimizing the economics in their real estate portfolios. The firm specializes in yield optimization through 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 $16 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.