West Palm Beach, FL – September 2, 2014 – (RealEstateRama) — CBRE arranged the sale of a single-tenant retail property leased to Family Dollar. The buyer, Kingyard Assets II, LLC, purchased the property at 4700 Broadway/US Highway 1 in West Palm Beach for $1,499,300 from Bonita Crown Pharmacy, LLC, a Florida-based private investor who hired CBRE to market the asset for sale and negotiate the transaction.
The sale included a 0.37-acre parcel subject to a short-term, double-net lease with multiple 5-year options. The 8,173-square-foot street-front retail building was redeveloped in 2008 as a build-to-suit for Family Dollar.
“This Family Dollar store is highly visible at a corner location on Broadway/US 1, north of downtown West Palm Beach,” said Todd Weintraub, Vice President with CBRE. “The dense in-fill population and demographics contributed to the appeal of this property and increased investor confidence that Family Dollar will remain at this location for many years to come.”
Within the single-tenant retail sector, Todd Weintraub and David Donnellan have recently completed assignments including the sale of BB&T Bank in Orlando, FL; SunTrust Bank in Boynton Beach, FL; Rite Aid Pharmacy in Piedmont, NC; Family Dollar in Ferris, TX; and LA Fitness in Stuart, FL. Based in Fort Lauderdale, Weintraub and Donnellan are part of CBRE’s Investment Properties group focusing on the disposition of shopping centers and single-tenant net-leased properties.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
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