Lee & Associates – North San Diego County Negotiates the $1.4 Million Sale of Fast Auto Loans
PITTSBURG, CA—April 5, 2016— Lee & Associates, one of the largest national commercial real estate providers with regional expertise, has completed the $1,414,000 sale of a double-net (NN) leased investment property occupied by Fast Auto Loans. The single-tenant retail site is located at 1600 North Park Boulevard in Pittsburg, California, a town in San Francisco’s East Bay.
Ryan Barr and Ryan Bennett of Lee & Associates – North San Diego County represented the seller, Pittsburg Fast, LLC. The buyer, a private California based 1031 investor, was represented by ReMax.
At the time of the sale, Fast Auto Loans had six years remaining on its original seven year double-net (NN) lease on the site.
“This sale is emblematic of how tight the market currently is for double and triple-net leased investment properties,” stated Bennett. “Although the investment, which includes some minor landlord responsibilities, is not entirely hands-free, the property still sold at top value and with a 6.74% cap rate.”
Fast Auto Loans offers California title and payday loans through approximately 100 locations statewide.
Barr & Bennett Net Leased Investment Group, of Lee & Associates-North San Diego County, specialize in the acquisition and disposition of net leased assets nationwide.
About Lee & Associates
Celebrating more than 37 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in North America including California, Colorado, Arizona, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Maryland, Michigan, Missouri, Nevada, New Jersey, New York, Ohio, Pennsylvania, South Carolina, Texas, Vancouver BC and Wisconsin. With more than 800 brokers nationwide, Lee & Associates provides a wide range of specialized commercial real estate services on a local, regional and national level. For the latest news from Lee & Associates, visit lee-associates.com or follow us on Facebook, LinkedIn and Twitter.