Sales Price: $5,500,000
Cap Rate: 6.25%
Guarantor: Investment Grade Credit (BBB)
Term Remaining: 16 years
The city was eerily quiet during the height of the pandemic, due to the combination of shelter in place and UC Berkeley courses conducted fully remote. Ownership faced difficulty filling three (3) vacancies, and after decades of managing his pride of ownership building a few blocks from campus, was ready to retire from the bay area. NLX helped secured an absolute NNN investment, guaranteed by an investment grade credit tenant in a location with a proven track record of performance.
"Many thanks for being on the ball. Excellent Service! Thank you, my friend!" - Charles
- This was a work-horse location for Walgreens, with reported store sales at $2.6MM, $1MM above the national average. The lease still had sixteen (16) years of base term remaining, providing the Landlord long-term peace of mind for his absolute NNN lease. NLX was able to negotiate a purchase price $225k below ask. The lot across the street also had been scheduled for a large industrial park development.