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Wednesday, March 2, 2011

Walgreens NNN Lease Investment Sold in South Carolina


Spartanburg, South Carolina - Our Net Lease Properties news today is on a Walgreen's NNN Lease Investment in South Carolina. Obviously, Walgreen's is still leading the pack for Tenants in triple net lease properties. This triple net lease property is approximately 14,820 square feet, net leased to Walgreen's. Ladder Capital Finance purchased this triple net lease property for $3.87 million or about $262 per square foot. This retail triple net leased property is located at 2198 Southport Road in Spartanburg.

Spartanburg is currently the largest city in Spartanburg County, South Carolina. Spartanburg is also the county seat of Spartanburg County. This Spartanburg NNN Lease Investment is the second-largest city of the three main cities, in the growing Upstate region of South Carolina. Spartanburg is approximately 70 miles southwest of the Charlotte Douglas International Airport, in Charlotte, North Carolina. This NNN Lease Investment is approximately 3 hours from Atlanta, and 3 hours from the port of Charleston.

The seller of this triple net leased property was Ziff Properties, Inc., with a Corporate Office in the Charleston, South Carolina area. Ziff Properties, Inc. is a fully integrated commercial real estate investment, commercial real estate development and management firm. Ziff Properties, Inc. specializes in commercial properties in the southeastern area of the Country. Ziff Properties, Inc. was started in 1991, and currently own and/or manage a diverse Investment Property portfolio. Ziff Properties, Inc. has an Investment Property portfolio that is approximately 3.2 million square feet. Ziff Properties, Inc. is currently seeking new Acquisition and commercial real estate Development opportunities.

This Walgreen's NNN Lease Investment is situated in the Cedar Springs Shopping Center. The Cedar Springs Retail Shopping Center is a recently renovated neighborhood shopping center. This South Carolina Retail Shopping Center is approximately 208,699 square feet and was recently expanded. The Retail Shopping Center expansion includes the addition of a 34,936 square foot free-standing Food Lion. Also the 2007 expansion included this Walgreen’s triple net lease property. The NNN Commercial Real Estate, Walgreen's Pharmacy, has a approximately 22 years remaining on this NNN Lease contract. Other major NNN lease tenants include Hardee's, and Big Lots.

Ladder Capital finance, the NNN Lease Investment buyer, pursues opportunities resulting from the current lack of liquidity occurring in the (CRE) commercial real estate financing market. Ladder Capital finance has a strategy that will include the purchase of NNN Commercial Real Estate, origination and management of a diverse portfolio of CRE (commercial real estate) mortgages.

These CRE portfolios include fixed-rate and interim floating-rate mortgages, junior interests in mortgages and mezzanine loans and commercial mortgage-backed securities (CMBS). Commercial mortgage backed securities (CMBS) are a type of mortgage-backed security that is backed by mortgages secured by commercial real estate rather than residential real estate.

Contact Net Lease Properties to purchase NNN Property or for 1031 exchange replacement properties in these areas.

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