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Lowe's Net Lease Sells in Columbus

COLUMBUS, OH—The chance to pick up a property with an investment-grade tenant brought out a lot of investors, according to Colliers' officials.

By Brian J. Rogal | Updated on October 28, 2014

COLUMBUS, OH—A team from Colliers International has just helped a private owner sell a 125,357-square-foot Lowe’s located at 2888 Brice Rd. in Columbus, OH, another example of the extraordinary demand among investors for single-tenant net-lease product. The buyer, Store Capital Acquisitions, LLC, a Scottsdale, AZ-based REIT, paid $6,400,000 at an 8.46% capitalization rate.

“A long-term lease would have brought the cap rate down considerably,” Peter L. Block, executive vice president with Colliers’ Chicago-based investment services group, tells GlobeSt.com. This lease, however, runs until December 31, 2019, or roughly five years. Still, the property attracted many potential buyers and sold for more than the asking price.

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