Net Lease CAP Rates Cooling-Off

Net Lease Press Releases 

Cap rates on Walgreens and CVS properties remained flat with the quarter prior at 6.45 percent and 6.7 percent respectively, but cap rates on restaurants fell 25 basis points to 7.25 percent. Cap rates on McDonald’s restaurants in particular fell 20 basis points to 4.8 percent, and cap rates on Dollar General stores fell 15 basis points, to 8.1 percent. 

However, few of those properties are trading in the core markets. Finding a McDonald’s or a Walgreens for sale in a primary market has “gotten tougher because there is not a lot of new things coming out of the ground and partly that’s what pushed down cap rates, as well as [the fact that] interest rates have gotten so low,” says Jonathan W. Hipp, president and CEO ofCalkain Cos., a Reston, Va.-based brokerage and consulting firm specializing in the net lease sector.

www.calkain.com

NNN Walgreen in Dartmouth Close for $5.8 million

Net Lease Press Releases

Virginia-based REIT Gladstone Commercial Corp. has acquired the leasehold interest in a newly constructed, 16,340-square-foot retail building in Dartmouth for $5.8 million.

The site is primarily leased to drugstore operator the WalgreenCo. and is a new, build-to-suit retail location for Walgreens, which has leased the property for 75 years with rights to terminate in years 26-75, according to a statement.

"This acquisition continues our plan for growth in 2011 and we are pleased to add our first retail property to our substantial list of quality investments," Gladstone President and Chief Investment Officer Chip Stelljes said in a statement.

Gladstone Commercial Corp. is a publicly-traded REIT focused on investing in and owning triple-net leased industrial, commercial, medical and retail real estate properties.  The company currently owns 70 properties.

Triple (NNN) Net Leased Walgreen in Texas Close for $7.3 million

NNN Lease Press Releases

Net leased Walgreens sells for $7.3 million in McKinney, Texas

McKINNEY, Texas - In a quick-moving, all-cash close, a private family trust from California has paid $7.3 million for a 14,820-square-foot store, net leased until 2033 to Walgreens.

Jim Casale, principal in the San Diego office of Lee & Associates, represented the buyers. Brad and Gavin Kam of Net Lease Realty Advisors in Dallas marketed the property for the sellers, JK 720 Custer LLC. The Walgreen build-to-suit delivered in 2008 at 8996 Stacy Rd. in the 2,500-acre Craig Ranch. The Deerfield, Ill.-based pharmacy chain's long-term lease includes options.


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