Orion Real Estate Group has acquired a retail net lease portfolio spread through multiple major markets in the US for $50 million. The seller is a family office located in South Florida.
JLL brokered the deal.
The portfolio takes up more than 94,000 square feet and is positioned in five metropolitan markets. They are located throughout three states including Florida, Illinois, and Texas.
In total, 12 properties represent the portfolio. Of those, 11 consist of single-tenant buildings while one of them is a two-tenant property. The portfolio includes a restaurant, fitness center, pharmacy, urgent care facility, and bank branches.
Of the tenants occupying the property, 70 percent of them hold investment grade credit ratings. The remaining lease term averages out to 6.5 years.
“This opportunity allowed for an investor to acquire a diversified net lease portfolio of scale that is situated in some of the largest and high-growth metropolitans across the U.S.,” JLL’s senior managing director Alex Sharrin, said in a statement.
“The portfolio’s staggered lease expirations and minimal landlord expense responsibilities created a rare opportunity to control a portfolio of mid-term net lease assets with a combination of strong yield, credit and intrinsic real estate.”
Along with Sharrin, JLL’s investment sales and advisory team, which also includes senior director Jeff Cicurel, as well as Eric Osika and Noel O’Donnell, represented the seller, identified as a family office based in South Florida. The buyer was Orion Real Estate Group, according to JLL.
Orion has been involved in transactions that exceed $8 billion while maintaining a portfolio that’s over $1 billion.