Investment Services Group, Net Leased Investment Services, Multi-Family Group & Hospitality Group
CarMax Superstore in Prime Southeast Location Drives in Price of $9.95 Million from REIT
April 2, 2012 – Rick Sanner and Bob Sanner (The Sanner Team) with Cassidy Turley’s Net Leased Investment Services brokered the sale of a CarMax Superstore site in the Southeast for $9,946,500. The property consists of two buildings totaling 56,008 square feet situated on 12.38 acres and is fully leased to CarMax Auto Superstores, Inc. The Sanners represented both Buyer and Seller in the transaction. The property was sold in an all-cash transaction to a REIT. CarMax has been at this location since 1995—in which it has expanded since—and has five years remaining on the initial lease term. This is considered one of the company’s best and largest locations. CarMax is a Fortune 500 company with $2.56 billion net worth and is the nation’s largest retailer of pre-owned cars. CarMax has been named “America’s Most Admired Company in Automotive Retailing” by Fortune magazine.
Culpeper Marketplace Shopping Center Sold in Mid-Atlantic for Over $9.9 Million
April 2, 2012 – Rick Sanner and Bob Sanner (The Sanner Team) with Cassidy Turley’s Net Leased Investment Services brokered the sale of the 95,447-square-foot Culpeper Marketplace shopping center in the Mid-Atlantic for $9,937,500. Constructed in 2006, the center is anchored by Kohl’s—which is a ground lease with the improvements owned by Kohl’s—and is 98% leased to a strong mix of nine tenants. The Sanners represented the Buyer, a Mid-Atlantic shopping center owner/developer, and the Seller, in the transaction.
Three Marsh Supermarket Properties in Midwest Bag Up a Combined $8.46 Million from Three Investors
April 2, 2012 – Bob Tuller with Cassidy Turley’s Net Leased Investment Services represented the Seller in the sale of three Marsh Supermarket properties located in the Midwest for a combined value of $8,460,930. All three properties were owned and will remain operated by Marsh Supermarkets. The first sale consisted of a 30,000-square-foot grocery building selling for $3,700,000 ($123.33 per square foot) and the second sale was a 32,176-square-foot grocery building that sold for $2,700,000 ($83.91 per square foot). The third grocery store property totaled a lesser 20,339 square feet and sold for $2,060,930 ($101.47 per square foot), with Tom Baginksi also of Cassidy Turley’s Net Leased Investment Services representing the Buyer in this transaction. Each of the buyers in the three transactions was a Private Investor.
10-Unit Multi-Family Property Sold for $2.5 Million in Lafayette
April 2, 2012 – Neel Bhatia with Cassidy Turley’s Multi-Family Group represented buyer Evelyn Lund in the acquisition of a 10-unit multi-family property in Lafayette for $2,500,000 ($250,000 per unit). The seller was Alesco, LLC. The property is located at 1011 Brown Avenue just off of Mount Diablo Boulevard, and is near to Highway 24 that links Oakland to Walnut Creek. The property is made up remodeled “condo like” units with average unit sizes ranging from approximately 1,000 to 1,700 square feet. The unit mix is composed of (1) 3br/2.5ba, (1) 3br/2ba, (6) 2br/2ba, and (2) 1br/1ba units. The property is located about a mile from the Lafayette Reservoir Recreation Area.
11-Unit Apartment Complex Sold for $2.3 Million in Prestigious San Carlos Hills Neighborhood
April 2, 2012 – Jamie D’Alessandro and Matthew Thomson with Cassidy Turley’s Multi-Family Group represented buyer West Grove Holdings in the purchase of an 11-unit apartment property in San Carlos for $2,300,000 ($209,090 per unit). The seller was Frank & Judy Martinelli. The complex is located at 335 Torino Drive near Highlands Park, about a mile in each direction from Highway 280 and El Camino Real in the prestigious San Carlos hills area. The property consisted of (6) 2br/1ba units & (5) 1br/1ba units. Several units benefited from renovations and all have spacious balconies/patios and most offered panoramic Bay Area views.
Popular Southern Restaurant, Whataburger, Ground Lease Site Sold in Southwest for Nearly $1.5 Million
April 2, 2012 – Rick Sanner and Bob Sanner (The Sanner Team) with Cassidy Turley’s Net Leased Investment Services brokered the sale of a ±1.04 acre (±45,180 square feet) property in the Southwest for $1,475,000 ($32.65 per square foot). The property is fully ground leased for a 15-year term to popular Southern restaurant Whataburger, which completed improvements on a brand new 3,218-square-foot freestanding restaurant that is now open. The Sanners represented both Buyer and Seller in the transaction. Founded in the 1950’s, Whataburger operates over 700 restaurants across ten states.
17,504 SF Time Warner Cable Building in Southeast Channels In Over $1 Million
April 2, 2012 – Bob Tuller with Cassidy Turley’s Net Leased Investment Services represented the Seller in the sale of a 17,504-square-foot building in the Southeast for a price of $1,160,000 ($66 per square foot). The property is fully leased to Time Warner Cable, which utilizes the property as an office/showroom.
Cassidy Turley provides this information based on best-available knowledge and does not warrant accuracy provided us by 3rd parties. For further verification and/or questions, please contact the brokers listed below with the particular news announcement.
Primary Contacts (listed alphabetically):
Bob Tuller, (415) 781-8100, firstname.lastname@example.org
Jamie D’Alessandro, (650) 852-1200, email@example.com
Neel Bhatia, (415) 781-8100, firstname.lastname@example.org
Rick Sanner, (415) 781-8100, email@example.com
Tom Baginski, (415) 781-8100, firstname.lastname@example.org
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,500 professionals in more than 60 offices nationwide. The company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion in 2011, manages 455 million square feet on behalf of institutional, corporate and private clients and supports more than 28,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside of North America through a partnership with GVA, giving clients access to commercial real estate professionals across the globe. Please visit www.cassidyturley.com for more information about Cassidy Turley.
Cassidy Turley provides regional real estate services in Northern California. With 15 Northern California offices and a 400-member team, our Northern California market leadership is demonstrated by completion of over 3,300 transactions, totaling over $4.3 billion in 2011.
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