LAS VEGAS—GlobeSt.com has exclusively learned that Nevada based NNN Acquisitions, a newly formed company of Mark Weber, the owner of 180 Capital, has purchased 17 industrial buildings in six states. The acquisition price was $40 million.
The properties are located in Los Angeles, Santa, Clara, Garden Grove, Texas, North Carolina, Virginia, West Virginia, and Maryland. The Irvine, CA office of Lee & Associates negotiated the sale.
Brian Garbutt, Matt Kemp and Alex Lyon of Lee & Associates Irvine represented the NNN Acquisitions in the transaction with different listing brokers on the properties. Lee & Associates is actively pursuing other long-term single tenant NNN properties for the firm around the country as they intend to buy an additional $60 million in properties over the next four months and are closing on another $30 million in properties within 45 days.
“We assembled a portfolio of buildings that included companies that had occupied the buildings for a long period of time,” Garbutt explains. “These tenants would have had a hard time moving because of specialized infrastructure and fixturization, we believe they will be in the building for a long lease period.”
According to Garbutt, the company will buy in secondary and tertiary markets “as long as the company is strong and has been in business a long time and has a reason for being and staying in the property they are leasing.”
Lee & Associates could not disclose the seller's identity at this time or the addresses and specific square footage, but we will update this story as we learn more.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
