Marcus & Millichap’s Lori Schneider arranged the sale of the 20-year, absolute-net ground lease under the new 189,543- square-foot Walmart Supercenter in Fort Lauderdale.
The property sold for $26,060,000.
Schneider, in cooperation with Aztec Group, represented the seller, Gatlin Development, which is owned by Frank C. Gatlin III. The buyer, a 1031-exchange investor, was represented by Drew A. Kristol and Kirk D. Olson, vice presidents investments in Marcus & Millichap’s Miami office.
“The property received a tremendous amount of interest, especially from New York-based all-cash buyers in 1031 exchanges who wanted to deploy capital in South Florida,” says Lori Schneider, senior vice president investments in Marcus & Millichap’s Fort Lauderdale office. “The asset is an especially attractive investment option as large, high-quality net-leased properties are scarce. This particular Walmart is the retailer’s newest prototype, and it took the tenant more than 30 years to locate it within Fort Lauderdale.”
The property is located at the intersection of 2500 West Broward Blvd. and Interstate 95, within the Riverbend Marketplace, a new 36-acre retail development 2.5 miles from Fort Lauderdale’s central business district.
“Many investors along the East Coast understand that Marcus & Millichap’s platform provides buyers with direct access to properties, and in this instance, to the region’s prime net-leased assets,” says Bill Rose, national director of Marcus & Millichap’s National Retail Group. “In this transaction, we leveraged our platform to connect interested buyers from other asset classes by using our centralized database, which provides our more than 1,500 investment professionals with an interactive network and access to the firm’s entire inventory of active listings.”
“The buyer was particularly attracted to the 20-year base lease term, exceptional architecture, strong corporate guarantee and dense South Florida demographics,” adds Olson.
Get the latest industry news and information from CRE-sources delivered right to your email inbox! And we promise…no more than one email each morning. Just follow the instructions below.
Get the latest industry news and information from CRE-sources delivered right to your email inbox! And we promise…no more than one email each morning.
And we promise…no more than one email each morning.