CBRE GROUP INC. ARRANGES SALE OF LONG-TERM ABSOLUTE NNN LEASED BUILDING FOR $13 MILLION IN ARLINGTON, TEXAS
Arlington, Texas (February 18, 2015) – CBRE Group, Inc. announced that it has arranged the sale of 459 East Interstate 20 in Arlington, Texas, for approximately $13 million. The 52,000-square-foot retail space is occupied by Gander Mountain under an absolute NNN lease with a 15-year term.
CBRE’s Maurice Nieman and Ian Schroeder of the Newport Beach, CA, office represented the seller, and along with Charles Berger and Elli Klapper of CBRE’s New York Tri-State Investment Properties, procured the buyer in the 1031 exchange transaction. In addition, CBRE’s Debt & Structured Finance team was able to finance the transaction.
“Our buyer had recently sold a large, management intensive multifamily property and we were able to secure a NNN-leased space,” said Mr. Klapper. “This gave the buyer a higher cash flow with none of the management headaches, which they were very happy with. Our Investment Properties team is continually doing this type of work for clients across the nation.”
Located on a key highway, 459 East Interstate 20 is easily accessible from the surrounding towns. The property is located in close proximity to a number of retailers and restaurants, including Old Navy, Red Robin and a movie theater.
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 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 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.