SAN DIEGO—United Trust Fund has completed a $15-million sale/leaseback here with one of the largest construction companies in the US that represents the seller's fourth headquarters transaction with the firm. GlobeSt.com has learned that the 27,340-square-foot, LEED-Platinum building is in the University City submarket.

The single-tenant headquarters office building is 100% occupied by the construction firm, whose identity was not disclosed to GlobeSt.com. The lease is a 15-year absolute net lease.

A quick closing time was key for the seller/tenant. According to John Oks, VP of acquisitions for UTF, “Our directive from the company was straightforward. We had to close in 34 days. As a result of UTF exceeding the company's expectations, we now have three of their regional headquarters buildings under contract in Arizona, Chicago and Massachusetts.”

Oks tells GlobeSt.com that the property was built in 1984 and completely remodeled by the current tenant; the building is now a net-zero property.

The transaction marks UTF's 136^th sale/leaseback in California. The firm specializes in single-tenant, net-leased properties across the nation.

Net-lease transactions require a specific mindset about the tenant, according to Bill Rose, VP and national director of Marcus & Millichap's retail division. As GlobeSt.com reported earlier this month, Rose told us exclusively that many net-lease investors don't consider these investments a piece of real estate encumbered by a lease that grants someone to operate a business. He is concerned that investors often look at these investments as a bond, but that's not a good viewpoint.