Newmark recently closed the sale of a nine-property, net leased retail portfolio for $24.6 million. Spanning across six states – Alabama, Florida, Illinois, Indiana, Michigan and New York – the portfolio comprises nearly 250,000 square feet of assets that are 100% leased to a diversified mix of leading retailers including AutoZone in Aurora IL; Bridgestone in Lisle IL; Goodwill in Muncie and Greenwood IN; O’Reilly in Atmore AL; Sunbelt Rentals North Syracuse NY and Tractor Supply Escanaba Whitmore MI & Brooksville FL.
Vice chairman Matt Berres along with director Samer Khalil and associate Karick Brown from Newmark’s Net Lease Capital Markets group represented the seller – an undisclosed REIT – while negotiating with an undisclosed public REIT buyer on behalf of their client. Berres commented: “We have seen strong demand for select net leased retail assets on a national level as this portfolio checked all boxes with solid locations backed by exceptional tenant credit coupled with favorable lease terms making it ideal addition to buyer’s existing holdings.”
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