Brett Landes
DALLAS—The Landes Group reported its 2018 acquisition of 27 retail net lease properties in a transaction valued at $86 million. The 563,000-square-foot portfolio consists of five Wawa locations, ten Walgreens, eight CVS Pharmacy stores and four Service King Collision Repair shops. Collectively, the assets in the portfolio are located in 12 states. Each property in the portfolio is currently occupied under long-term triple net leases.
Competition was tight for this portfolio, says Justin Grissen, Chief Investment Officer for The Landes Group and there were a handful of buyers still vying for the deal on the best and final offer round. Grissen said the Landes Group won the final bid because it was best able to determine the value of the entire portfolio, including the underlying real estate value of the zero cash flow assets. The deal closed at the end of last year.
In general 2018 was an active year for the company after closing on 65 net lease transactions says CEO Brett Landes. “We are excited to enter 2019 with a healthy book of business, expecting to close on 35 assets in the first quarter.”
Other participants in the transaction include US Bank, JLL and the law firm of Leichty, McGinnis, Berryman & Bowen.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
