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The ground leases are improved with eight single-tenant net-lease retail properties, totaling approximately 44,000 square feet, with tenants including a Chase Bank, a WaWa, five national restaurant brands including Cheddar's and Chuy's, and a car wash.
"The sale was driven by a long-term absolute triple-net lease," says STREAM Capital's Phil DiGennaro. "The private buyer was in a large 1031 exchange and was drawn to the company's headquarters location outside of Pittsburgh.”
The property at 5401 Watson Drive is located in the Mesa del Sol community about eight miles outside of Albuquerque and is 100% leased to an affiliate of Fidelity Investments.
The portfolio includes 23 properties in Missouri, 10 in California, six in Arkansas and two in Nevada, all of which represents nearly the entirety of the company's operational real estate.