CORONA DEL MAR, CALIF. – (RealEstateRama) — Hanley Investment Group, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm completed the sale of a single-tenant Just Brakes store in Dallas, Texas.
Executive Vice President Eric Wohl, along with Hanley Investment Group’s Associates Austin Blodgett and Andrew Cunningham, set a new national record cap rate representing both the buyer, a private investor based in Austin, Texas, and the seller, a private development firm based in Chicago, Illinois, in the sale of a single-tenant Just Brakes store located at 6530 North Central Expressway in Dallas. The 3,377-square-foot store, built in 1964 and remodeled in 2014, is situated on .21 acres, near Southern Methodist University.
According to Wohl, the property had an eight-year absolute NNN lease with a corporate guarantee and strong increases every five years. “The property benefits from close proximity to Southern Methodist University with 11,500 students and the George Bush Presidential Library with 340,000 annual visitors.”