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7/10/12
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VISALIA (Tulare County) -- TNP Strategic Retail Trust Inc purchased Visalia Marketplace, a 200.8k sf retail center located in Visalia. Visalia Marketplace, which was recently renovated in 2008, is 92 percent leased and anchored by Save Mart Supermarkets and Kmart. Other national and regional tenants include Starbucks, Brandman University and Great Clips. The anchor tenants have long-term leases, with Save Mart Supermarket’s lease expiration at the end of 2028 and Kmart’s lease expiration in 2024. TNP is a public non-traded REIT that invests in grocery and drug-store anchored, multi-tenant necessity retail properties and other real estate-related assets.
OAKLAND (Alameda County) -- A private investor from San Jose purchased an 8k sf, single-tenant O’Reilly Auto Parts in Oakland for $2.25 mil, which represents a 6.40% capitalization rate. The property, located at 3232 Foothill Blvd, is an absolute NNN freestanding building situated on a 0.72-acre parcel of land. The building was built in 1997. O’Reilly Auto Parts is situated adjacent to one of the busiest Walgreens in the area. O’Reilly Auto Parts has 10 years remaining on the initial term and rental increases every five years. Jeremy S. McChesney of Hanley Investment Group Real Estate Advisors represented the seller, Equitas Oakland LLC, from Hermosa Beach. The buyer was in a 1031 exchange coming out of apartments and paid all cash for the investment.
AVONDALE, AZ (Maricopa County) – A single-tenant property occupied by Jiffy Lube sold for $1.23 mil. Built in 2005, the 1.95k sf property is located at 115 E. Van Buren St in Avondale. The property is located at the very busy intersection/southeast corner of Van Buren St and Central Ave. Jiffy Lube is strategically located adjacent to a Circle K and a car wash and has unobstructed street visibility on Van Buren St. A 99˘ Only-anchored shopping center and Wells Fargo Bank are located directly across the street. The densely populated market area has more than 72,000 people plus another 44,000 daytime/employee population within three miles of the Jiffy Lube property. Jeff Conover, senior managing director with Faris Lee Investments, represented the seller, Los Angeles-based Camden Holdings. The buyer, who paid all-cash, was Graham Real Estate Two LLC from Tacoma, WA and was represented by Steve Brown of Lake Chelan Real Estate. Jiffy Lube is the largest system of franchised and company operated service centers in the fast-lube industry, servicing approximately 27.5 million customers each year, with more than 2,000 service centers in North America. The tenant (Phoenix Lubrication Services, Inc.) and its affiliates, own/operate 50 plus Jiffy Lube facilities throughout the Phoenix metro area.
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