November 14, 2013 By The Hoyt Organization
LONE TREE, Colo. — November 14, 2013 — Lee & Associates North-San Diego County, part of the national brokerage firm of Lee & Associates, completed the $17.6 million sale of a Sam’s Club, located at 7817 Park Meadows Drive, Lone Tree, Colo. The property, a 129,715 square-foot, single tenant retail outlet, currently has six years remaining on its original 25-year Triple (NNN) Net lease with ten, five-year options to renew.
Ryan Barr, Ryan Bennett and Kyle Bowlsby of Lee & Associates-North San Diego, in conjunction with Barr & Bennett Net Leased Investments, represented the seller, Sam’s Den, LLC.
“We were able to achieve an extremely low cap rate, 6.25 percent, for a property with only six years remaining on a flat lease, including options. Most buyers approached the property and attempted to transact 25-75 bps higher. Needless to say, the seller was very pleased,” said Barr, of Lee & Associates-North San Diego, who’s also with Barr & Bennett Net Leased Investments. The property will remain a Sam’s Club.
Barr & Bennett Net Leased Investments, of Lee & Associates-North San Diego, specialize in the acquisition and disposition of single tenant net leased assets nationwide.