Farmington Hills, Mich. — The listing consists of 26 centers in 10 states.
The 20,400-square-foot Cortez Shopping Center in Cortez, Colo., is part of the SVN | Fortis Net Lease-listed portfolio.Farmington Hills, Mich. — Robert Bender, Managing Director of Sperry Van Ness | Fortis Net Lease, is listing a portfolio of Walmart shadow centers. With an asking price approaching $98 million, this 26-center portfolio is offered at an 8.25 percent cap rate on current net income. The properties, totaling more than 704,000 square feet, are located across 10 states with a heavy concentration in Texas, New York and North Carolina.
Each retail center sits adjacent to newer Walmart Supercenters. Nearly half of these stabilized centers are anchored by national retailers; Dollar Tree, Hibbet’s or Show Shoe. “This is one of the largest Walmart shadow center portfolios to ever have come to market,” Bender says. “The seller’s decision to put this portfolio on the market at this time speaks to the recent decrease in cap rates across the board for all investment real estate, particularly shadow anchored retail and single tenant net leased properties.”
For more information, contact Robert Bender at 248-254.3406 or rbender@svn.com.