Institutional Property Advisors Completes Three-Property Single-Tenant Retail Portfolio Sale
July 20, 2023
NEW YORK, July 20, 2023 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of a three-property portfolio of single-tenant net-leased assets. The properties are a 122,358-square-foot BJ’s Wholesale and a 7,974-square-foot Napa Auto Parts store in Jacksonville, Florida, and a 9,750-square-foot CVS pharmacy in Barnstable, Massachusetts. The portfolio sold for $29.5 million.
“One of the commercial real estate sectors with the lowest vacancy rates in the nation, single-tenant retail continues to attract investment capital,” said IPA’s Steven Siegel. “In the first quarter of this year, retail store sales were up more than 4% year-over-year nationally and as households concentrate their spending on essential goods, the outlook for net-leased fundamentals remains positive.” Siegel represented the seller and procured the institutional buyer. Prior to the sale, Siegel facilitated a 10-year lease extension on the BJ’s Wholesale property and a seven-year extension for Napa Auto Parts. Marcus & Millichap’s brokers of record in Florida and Massachusetts are Ryan Nee and Thomas Shihadeh, respectively.
“One of the commercial real estate sectors with the lowest vacancy rates in the nation, single-tenant retail continues to attract investment capital,” said IPA’s Steven Siegel. “In the first quarter of this year, retail store sales were up more than 4% year-over-year nationally and as households concentrate their spending on essential goods, the outlook for net-leased fundamentals remains positive.” Siegel represented the seller and procured the institutional buyer. Prior to the sale, Siegel facilitated a 10-year lease extension on the BJ’s Wholesale property and a seven-year extension for Napa Auto Parts. Marcus & Millichap’s brokers of record in Florida and Massachusetts are Ryan Nee and Thomas Shihadeh, respectively.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.