NAI Capital Negotiates Sale of $30.7M Net-Leased Portfolio to Rich Uncles of Costa Mesa, CA
Los Angeles, CA, April 24, 2018– Executive Managing Director Chris Jackson and Executive Vice President Todd Lorber, with NAI Capital’s Investment Services Group completed the sale of a 2-building industrial and office net-leased portfolio located in Nashville, Tennessee and DeKalb, Illinois. Jackson and Lorber represented the seller, a private investor. The buyer was Costa Mesa, CA based Rich Uncles. The portfolio sold for $30.7 million at a blended 8.0% cap rate.
The portfolio sale included two buildings located at 2957 Elm Hill Pike, Nashville TN and 1211 Fairview Drive, Dekalb, IL. 2957 Elm Hill Pike consists of an 87,230 SF, single-story, Class A office building situated on 9.45-acres in Davidson County, Nashville, Tennessee. The building is leased to Cummins Inc., which is a Fortune 500 company. Cummins has occupied the property since 2001 when it was newly constructed. 1211 Fairview Drive is a 410,400 SF warehouse facility, on approximately 21.41 acres of land, located in DeKalb, Illinois. The property is 100% leased to Fortune 500 company 3M, on an absolute NNN lease. The building has been occupied by 3M since 2007 when it was built for them.
Rich Uncles, Real Estate Investing for Everyone™, is an crowd funded real estate investment trust (REIT) based in Costa Mesa, CA. Individuals can invest in a portfolio of revenue-producing commercial properties, for as little as $500. Rich Uncles plans to pay cash dividends each month from the rental revenue they collect from these properties to their investors. https://www.richuncles.com/ .
Jackson said, “My client was thrilled with the sale of this portfolio – it exceeded their exceptions. Investors are looking outside California for investment opportunities due to a lack of product for sale and cap rate compression. The return on this portfolio could not be duplicated in Southern California.” Jackson added, “With two Fortune 500 companies as tenants, pricing below replacement costs on a price per square foot basis, and below market rents this was a no brainer for Rich Uncles.”
“This investment represented great value for the new owner, Rich Uncles, and their investors,” said Lorber.
About NAI Capital
NAI Capital is the largest independently owned full service commercial real estate firm headquartered in Southern California. As one of the largest members of NAI Global, the premier managed commercial real estate service network with 400 Offices and 7,000 market leaders spanning the globe, NAI Capital provides a complete range of transaction, valuation, investment, property management and consulting services. By leveraging our local expertise with our global reach, NAI Capital offers innovative, customized solutions and seamless service to owners, tenants, investors and developers throughout Southern California. NAI Capital clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital we work together putting our clients first.
NAI Capital Brokerage CA BRE #01990696.
To learn more, visit www.naicapital.com.
About NAI Global
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 400 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 7,000 local market professionals, managing in excess of 425 million square feet of property. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.
NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services.
To learn more, visit www.naiglobal.com.
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