Lowest cap rate for a single-tenant convenience store in Nevada in 5 years
IRVINE, CA – July 31, 2013 – (RealEstateRama) — HIG NNN, a division of Hanley Investment Group specializing in the sale and advisory of net-lease properties across the United States and a market leader in the sale of retail properties, announced today that Eric P. Wohl negotiated the sale of a single-tenant Circle K in Las Vegas, Nev.
Located at 5685 S. Eastern Avenue in Las Vegas, Nev., the 2,358-square-foot Circle K, which was built in 1986, is situated on a 0.54-acre parcel of land. The purchase price was $1,450,000, which represented a 5.5% capitalization rate. The buyer and seller were represented by Eric P. Wohl of HIG NNN. The buyer was a private investor from Los Angeles, Calif. The seller was TJM Real Estate LLC of Templeton, Calif.
“The corporate guaranteed lease, hard corner location, and the property’s proximity to both McCarran International Airport and the Las Vegas Strip allowed us to procure an all-cash 1033 exchange buyer who successfully closed escrow within 21 days,” said Eric P. Wohl, president of HIG NNN.
“This sale marks the lowest cap rate for a single-tenant convenience store in Nevada in the past 5 years due to the below market rent and irreplaceable location,” adds Wohl.
Last week, the firm announced the sale of two-tenant NNN ground lease investment property in Hawthorne, Calif., occupied by Jiffy Lube and Rally’s Hamburgers. The purchase price was $3,435,000, which represented a 6.0% capitalization rate.
About HIG NNN
HIG NNN is a retail investment division of Hanley Investment Group Real Estate Advisors specializing in the sale and advisory of single-tenant retail net lease properties. With a track record exceeding one billion dollars, HIG NNN creates value for clients by providing highly specialized investment services to build and preserve wealth. HIG NNN is committed to delivering unparalleled service and results by utilizing property-specific marketing strategies and cutting-edge technology to insure the highest value is achieved. HIG NNN’s nationwide relationships with investors, developers, institutions, franchisees, brokers and 1031 exchange buyers are unparalleled in the industry, translating to maximum exposure and pricing for each property marketed and sold. With unmatched service and experience, HIG NNN is a market leader in the disposition and acquisition of single-tenant retail net leased investments across the country.
About Hanley Investment Group Real Estate Advisors
Built on a solid foundation of performance, integrity and dedication, Hanley Investment Group Real Estate Advisors is a boutique retail investment brokerage firm with a three billion dollar transaction track record that is comprised of innovative specialists delivering unparalleled service and superior results that consistently exceed client expectations. Hanley Investment Group’s expertise, commitment and unwavering focus of putting the client’s needs first have continued to set the company apart in the industry. Hanley Investment Group works closely with individual investors, developers, and institutional property owners in every facet of the transaction to insure that the highest value is achieved. Clients rely on Hanley Investment Group to be the most knowledgeable and trusted source for valuation services, market information and retail property acquisitions and dispositions. For more information, visit the Company’s website at www.hanleyinvestment.com or call (949) 585-7610.