News
Net Lease Team Signs Five
January 11, 2011
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| The Mid-America team of Mark Goldberg and Tom Fritz sold five net-leased building in the last month of the year, mostly to all-cash buyers. The team had more than double the sales it had in 2009, thanks to fresh demand from individuals seeking secure income streams with higher yields compared to their cash accounts, Tom says. The five properties included an 86k SF Kohl's in Onalaska, Wisc. For $7.25M, a 12k SF Social Security office in Indianapolis for $3.28M, a 59k SF ground lease for a Fifth Third Bank in Orland Park, a ground lease for a Kohl's in Lebanon, OH, and an LA Fitnessin Minneapolis for $8.6M. | |
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| Demand for investments has been growing, driving a 100 bps drop in cap rates over the past 12 months. With little new construction on the market, tenants are backfilling spaces, decreasing retail vacancies across the country. Mark and Tom tell us they're still at only about 70% of their peak sales levels in 2007. They're expecting continued growth this year. |
