Irvine, Calif. — The properties include one Kohl’s ground lease, six net-leased Wendy’s restaurants and a Circle K property.
Irvine, Calif. — Irvine-based Hanley Investment Group’s HIG NNN division has brokered the sale of eight single-tenant properties in Florida, Alabama and Nevada for nearly $24 million. Fashion Square LP purchased an 89,249-square-foot Kohl’s in Port Orange, Fla., for $12 million at a 6.23 percent capitalization rate. The property, which was built in 2008, is situated on approximately 12.3 acres. Eric Wohl of Hanley Investment Group represented the buyer in the transaction. Chris Bosworth of CBRE’s Atlanta office represented the seller, Cole Ko Port Orange FL LLC.
Wohl also represented the buyer in the sale-leaseback of six net-leased Wendy’s restaurants throughout Alabama. The purchase price for the portfolio was approximately $10.6 million. The buyer was a New York-based private real estate investment trust. Tony Alanis of Net Leased Real Properties Inc. represented the seller, a Wendy’s franchisee based in Florida.
In Henderson, Nev., Wohl represented the seller in the approximately $1.1 million sale of a 2,926-square-foot Circle K. The seller was Newport Beach, Calif.-based Pacific National Properties LLC. Arthur Pfefferman of Coldwell Banker Commercial’s Porter Ranch, Calif., office represented the buyer, a private investor from Chatsworth, Calif.
“Single-tenant net-leased demand is at an all-time high due to the lack of quality inventory on the market and strong pent-up buyer demand,” says Wohl. “We expect the net-lease sector to remain strong throughout 2013, as more and more investors are buying net-lease properties because of the good cash flow, tax benefits and limited management.”