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Barr and Bennett of Lee & Associates Close Mid-Year with $20 Million Kohl’s Deal

The team, from Lee San Diego North County, hits mid-year with more than $62 million in transactions

 
PRLog - July 22, 2014 - SAN DIEGO -- Barr and Bennett of Lee & Associates Close Mid-Year with $20 Million Kohl’s Deal

The team, from Lee San Diego North County, hits mid-year with more than $62 million in transactions

         SAN DIEGO, Calif.—July 17, 2014—Ryan Barr and Ryan Bennett, principals of Lee & Associates – North San Diego County and founders of Barr & Bennett Net Leased Investment Group, hit the mid-year mark in stride as the pair negotiated an all cash, $20 million sale and purchase of a 88,408 square-foot Kohl’s, located at 501 Technology Center in Stoughton, MA.

         With 11 years remaining on the double-net (NN) lease, the property sold at a 6.22 percent cap rate.

“This is a rare net leased asset that was for sale in the North East,” said Ryan Barr of Lee & Associates San Diego North County. “This was an ideal transaction. The buyer, who was secured from the Barr & Bennett Net Leased Investment Group’s proprietary database, paid in all cash and closed escrow in 35 days.”

According to Bennett, the buyer, RK Funding, LLC, plans a long term hold on the property. “It was a perfect fit for them” Bennett said, adding that location and the credit of the tenant were big factors.”

Barr said “the seller, Stoughton Marketplace DST, sold the property because of optimal market conditions for an asset like this with term remaining.”

With this transaction, Barr and Bennett have negotiated more than $62 million in closings since January 2014. Some of the transactions include:

·         Kraft Foods – Jello Distribution Facility –Mason City, IA

Value - $10,144,199

Cap Rate - 9%

SF – 112,066

·         Rite-Aid – 1645 Columbia Turnpike, Schodack, NY

Value - $5,300,000

SF – 14,564

·         CVS – 511 S Elm Street, Jenks, OK

Value – $4,911,900

SF – 13,225

·         Grocery Outlet

315 E Ocean Ave, Lompoc, CA

Value - $3,475,000

SF – 21,000

·         Rite-Aid – 806 E Ash Street, Goldsboro, NC

Value - $3,225,000

SF -  10,908

·         Rite-Aid – 78-82 North Broad Street, Norwich, NY

Value - $2,915,000,

SF – 11,392

·         Jack in the Box – 700 Lower Main St, Maui, HI

Value - $2,751,000

SF – 2,440

·         El Pollo Loco – 1401 W Yosemite Ave, Manteca, CA

Value - $2,090,000

SF – 2,305

·         Taco Bell – 2440 Highway B Boonville, MO

Value - $1,170,000

·         Wendy’s-1001 Main Street, Brownsville, TX

Value- $1,300,000

SF-3,470

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About Lee & Associates

Celebrating more than 35 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the country with 49 locations across the nation including California, Arizona, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Maryland, Michigan, Missouri, Nevada, New Jersey, New York, South Carolina, Texas, and Wisconsin. With more than 750 brokers nationwide, Lee & Associates provides a wide range of specialized commercial real estate services on a local, regional and national level. Additional information is available at www.lee-associates.com.

Contact
Erik Hamilton
***@lee-associates.com

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Source:Lee & Associates
Location:San Diego - California - United States
Industry:Business, Real Estate
Tags:lee & associates, kohl s, Real Estate, ryan barr, ryan bennett
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