Friday, February 20, 2015
Arlington Retail Asset Sells for $13M
ARLINGTON, Tex.– CBRE Group Inc. has arranged the sale of 459 East Interstate 20 in Arlington for approximately $13 million. The 52,000-square-foot retail space is occupied by Gander Mountain under an absolute triple-net lease with a 15-year term.
“This transaction is a prime example of how New York City buyers are more than willing to put their money into out-of-state NNN-leased properties in exchange for guaranteed positive returns," Elli Klapper, with CBRE's New York Tri-State Investment Properties team, told GlobeSt.com.
CBRE’s Maurice Nieman and Ian Schroeder of the Newport Beach, Calif. office represented the seller, and along with Charles Berger and Klapper of CBRE’s New York Tri-State Investment Properties, procured the buyer in the 1031 exchange transaction. In addition, CBRE’s Debt & Structured Finance team was able to finance the transaction.
“Our buyer had recently sold a large, management intensive multifamily property and we were able to secure a NNN-leased space,” says Klapper. “This gave the buyer a higher cash flow with none of the management headaches, which they were very happy with. Our Investment Properties team is continually doing this type of work for clients across the nation.”
Located on a key artery, 459 East Interstate 20 is easily accessible, just east of Fort Worth and due west of south Dallas. The property is located in close proximity to a number of retailers and restaurants, including The Parks at Arlington mall, Old Navy, Red Robin and an AMC movie theater.
Anna Caplan, GlobeSt.com