The Landes Group Buys 27 Retail Properties in $86 Million Deal
The Landes Group, a privately held real estate investment firm, has purchased a portfolio of 27 retail properties in a transaction valued at $86 million.
The Landes Group, a privately held real estate investment firm, has purchased a portfolio of 27 retail properties in a transaction valued at $86 million.
The 563,000-square-foot portfolio consists of single-tenant net leased assets, including five Wawa locations, 10 Walgreens, eight CVS Pharmacy stores, and four Service King Collision Repair shops. The assets are located in 12 states, and each property is occupied under long-term triple net leases in locations that consistently see high-traffic volumes, the company said.
“Landing this portfolio is a huge win for us,” said Justin Grissen, chief investment officer for The Landes Group. “There were a handful of buyers still vying for the deal on the best and final offer round; however, we emerged as the lead buyer because of our ability to determine the value of the entire portfolio, including the underlying real estate value of the zero cash flow assets.”
According to The Landes Group Founder and CEO Brett Landes, “2018 was a very active year for us in which we closed 65 net lease transactions. We are excited to enter 2019 with a healthy book of business, expecting to close on 35 assets in the first quarter. In our increasingly tumultuous economic environment, we consider the single tenant retail business to be a solid staple, particularly in areas where we anticipate steady growth.”
The Landes Group specializes in debt and lease restructures, sale-leaseback transactions, re-tenanting opportunities and 1031/1033 tax-deferred exchanges. Since 2006, the firm, along with its affiliates, has closed more than $16 billion in transactions focused on single tenant leased assets.
