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Follow on Google News | Hanley Investment Group Arranges Sale of Single-Tenant Triple-Net Leased Best Buy for $11.5 MillionHanley Investment Group's President Ed Hanley arranges the sale of a 59,500-square-foot single-tenant triple-net leased Best Buy for $11.5 million in Boca Raton, FL in an off-market transaction.
By: Hanley Investment Group Real Estate Advisors Best Buy is located at 20540 State Road 7 in the Shadowood Square shopping center, which includes tenants Bed Bath & Beyond, Regal Cinemas, Old Navy, Stein Mart, Walgreens, and McDonald’s. "Net-leased buyers have shown caution in the past few years when evaluating investments in the consumer electronics tenant category. This is partially due to the intense competition from mass merchants and online retailers who have taken a big bite out of the brick and mortar sales thus raising the concern stores may close or rents may fall,” Hanley noted. According to Hanley, there were several attributes that made this particular net-leased investment attractive. "The building location is in a desirable area of the city and is part of a popular shopping center. The tenant had been operating at this location for 20 years and just committed to a new 10-year lease. Best Buy is the largest U.S. consumer electronics retailer and is focused on accelerating online sales growth, and improving growth categories like the 'connected home' category, which includes smart thermostats such as Nest and wireless video monitoring systems. It is also expanding its line-up of Pacific Kitchen & Home 'store-within- "Buyers looking to purchase net-leased investments should look for these and other attributes like rent- to-store sales ratio when evaluating these type of opportunities," Hanley, in conjunction with Hanley Investment Group's Executive Vice Presidents Bill Asher and Eric Wohl, is currently marketing numerous single-tenant investment opportunities including a single-tenant triple-net 55,000-square- Hanley also noted that the Sherman Oaks store’s year-over-year increased sales fostered a recent multi-million dollar interior remodel including new paint, carpet and Pacific Sales is scheduled to occupy 50 percent of the ground floor upon completion. About Hanley Investment Group Hanley Investment Group Real Estate Advisors is a retail investment advisory firm with a $5 billion transaction track record nationwide, who works closely with individual investors, lending institutions, developers, and institutional property owners in every facet of the transaction to ensure that the highest value is achieved. For more information, visit www.hanleyinvestmentgroup.com. End
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