All 13 properties are located in major metro markets stretching from Long Island, NY to City of Industry, CA. Four properties were leasehold deals, while the remainder were structured as fee-simple deals.

“We contacted our Philadelphia-based owner, and although they weren’t really interested in selling at first because they bought the portfolio as a long-term hold, they eventually said they would be willing to sell if the price was right,” Munley says.

The key to finding the right price, Munley notes, was to look at existing cap rates and push for a more aggressive number. “We came to 7.25% for the fee simple deals and 8.4% for the leasehold deals, which was better than market,” he says, noting that since the deal was struck, cap rates have compressed. “This was a very good deal for both parties because it fit exactly what Cole was looking for in terms of criteria and return, and our seller got a good number.”

In addition to the brokers named above, several other Marcus & Millichap investment professionals providing broker of record representation including: J.D. Parker in New York; Tim Speck in Texas; Solomon Poretsky in Minnesota; Adam Christofferson in Kansas; Bill Buford in South Carolina; John Leonard in Georgia; Greg Matus in Florida; and David Bohanon in Oklahoma.