Danis tells GlobeSt.com that Fiesta Ranch Auto Center received seven offers before trading to Sonoma Park Place at an 8.5% cap rate. "We had a lot of interest because it was a good, solid turn-key investment," he says.
The center, which was built last year, is 84% leased to NAPA and Aamco. Anderson Warehouse offered a year-long rent guarantee for the vacant space as part of the transaction, according to Danis. Space inFiesta Ranch Auto Center rents for $16 per sf per year triple net. Sonoma Park Place assumed an existing loan on the center.
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