The private investor's inroad is the two-building Hunter's Glen at 5509 Pleasant Valley Rd., leased to 12 tenants including the seller, Dr. James Slater, who will continue to oversee the asset for a couple years, David Shaffer, managing director of investment sales for Dallas-based GVA Cawley tells GlobeSt.com.
Shaffer says many tenants have been in place for a decade, keeping the asset historically at 100% occupancy. The 1.04-acre Hunter's Glen space is quoted at $22.50 per sf, triple net, to put it at the upper end of the submarket's average "That's a strong rate," Shaffer says. "It's basically a long-term hold with a decent return." He says the new owner was one of four investors placing offers during the two-month marketing.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.