In a rare 1031 property exchange involving two New York investors, a 21-acre parcel of land in a neighboring state, the world's largest retailer, and a recently negotiated long-term triple-net ground lease, Colliers International has completed a retail investment sales transaction valued at approximately $11 million.
Walmart has signed a new 20-year ground lease on a parcel adjacent to Swansea Mall here, where it has long had a presence. After several years of improving sales and growing demand for its products, including groceries, the company decided to replace its current in-line store with a free-standing Walmart Superstore next to the site of its existing store.
Colliers' Eric Carlton, a specialist in triple-net properties, represented both New York-based Carlyle Development Group and Tom Fear, seller of the parcel. The buyer of the parcel was a private investor from New York City and was represented by Cranford & Linder. Following its initial 20-year term on the ground lease, Walmart will have 15 consecutive five-year lease renewal options.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
