From market to close in under six weeks, Neal Hamou and Kaveh Ebrahimi of SIG complete the sale of a single tenant NNN investment in Decatur, Illinois.
Santa Monica, CA (PRWEB) June 04, 2014
Neal Hamou and Kaveh Ebrahimi of Sands Investment Group (SIG), a national net lease investment brokerage firm, announces the sale of a single tenant net leased AutoZone in Decatur, Illinois at a 5.50% cap rate.
This investment represents an absolute NNN ground lease with nine years remaining on the initial lease term with built in extension options. The lease is structured as an absolute triple net lease wherein the tenant is responsible for insurance, roof & structure, taxes and any CAM charges. AutoZone is the sole occupant of the 9,211 square foot retail pad located along Route 48 in Decatur, IL on a 68,781 square foot parcel. The investment has almost ten years remaining on the term, with numerous rental escalations built into each of the extension options.
This particular investment was brought to market and closed in under six weeks with an all-cash exchange buyer. Although Decatur, IL does not boast an overwhelming population, the attractive lease structure, strong credit tenant, and great location made this investment quite attractive and aided in the quick turnover.
“We are excited about the current momentum in the net lease arena and the pace at which investors are shifting to this asset class. We saw impressive results in Q1 and are quite optimistic about the future of net lease within the retail space,” says SIG Net Lease Advisor Neal Hamou. “With SIG’s sector-specific platform, advisors gain the enhanced insight and market knowledge they need to represent their customers successfully and deliver the most effective results.”
AutoZone is the nation’s leading retailer and a leading distributor of automotive replacement parts and accessories with more than 5,100+ stores in the US, Puerto Rico, and Mexico. Each store carries an extensive line for cars, sport utility vehicles, vans and light trucks, including new and re-manufactured car parts, maintenance items and accessories.
SIG is a commercial real estate brokerage firm that specializes in the buying and selling of net lease properties for private investors and institutions across the United States. As an industry leader and one of the fastest growing net lease investment brokerage firms in the country, SIG has closed over 550 transactions worth over $2 Billion in 40 states since its inception in 2010. Agents with the company currently have over $240 million in active Inventory. SIG has offices in Santa Monica, CA, Charleston, SC, and Philadelphia, PA.