Clovis, CA—March 23, 2015—Lee & Associates, one of the largest national commercial real estate providers with regional expertise, has closed a $2,150,000 investment sale of the Wells Fargo leased building located at 75 Shaw Avenue in Clovis, California.
The tenant, Wells Fargo, has been operating out of the building for 35 consecutive years since it was built in 1980 and had approximately six years left on its recently extended lease at the time of the purchase. This sale demonstrates the demand in the marketplace for quality net lease assets within California, as this sale transacted at a 4.73% capitalization rate.
Ryan Barr and Ryan Bennett of Lee & Associates – North San Diego County represented the seller. The Buyer, Rugby Hancock, LLC, purchased the building as a long term double net investment (NN).