ANTIOCH, Calif.—February 29, 2016—The San Diego North office of Lee & Associates, the largest broker-owned commercial real estate firm in North America, has negotiated the sale of a new construction CVS on a new 20 year net lease. The sale was done at an undisclosed price.
Ryan Bennett and Ryan Barr of Barr & Bennett Net Leased Investments, a specialty group of Lee & Associates-North San Diego, represented the seller of the 15,789-square-foot retail building located at NWC Buchanan Road and Somerville Road in Antioch.
In October, Barr & Bennett negotiated a net leased investment occupied by Grocery Outlet in the same center. Grocery Outlet had recently entered a 10-year lease for the site. The 17,000 square foot Grocery Outlet building along with CVS are the two anchors within the new Buchannan Crossing Shopping Center, which opened in November.
“The demand for newly constructed net leased properties which are occupied by strong national tenants’ remains in high demand,” said Barr, who noted that this transaction traded at a sub 5% cap rate. “In the Bay Area, demand is particularly high since this product type has greatly surpassed the overall supply that we continue to see cap rates compress to historic lows.”
Barr & Bennett Net Leased Investment Group, of Lee & Associates-North San Diego County, specialize in the acquisition and disposition of net leased assets nationwide.
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Celebrating more than 37 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in North America with locations across the U.S. and Canada including California, Colorado, Arizona, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Maryland, Michigan, Missouri, Nevada, New Jersey, New York, Ohio, Pennsylvania, South Carolina, Texas, Vancouver BC and Wisconsin. With more than 800 brokers nationwide, Lee & Associates provides a wide range of specialized commercial real estate services on a local, regional and national level. For the latest news from Lee & Associates, visit lee-associates.com or follow us on Facebook, LinkedIn and Twitter.