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Tuesday, April 12, 2011

North Carolina Net Lease Property lease to Williams-Sonoma Division

Triple-net-leased-property-Williams-Sonoma-NC
Charlotte, North Carolina – Net Lease Properties news goes back to Catawba County, in North Carolina. North Carolina, Tennessee and Florida are excellent choices for triple net lease properties. A Industrial Net Lease Property just signed a net lease with a major Tenant in Claremont, North Carolina. The Industrial Net Leased Property was net leased to a division of Williams-Sonoma.

This Net Leased Property consists of approximately 411,699 square feet of leaseable space. Sutter Street Manufacturing, a division of Williams-Sonoma signed the net lease for 100% of this distribution warehouse net leased property. This property will fit the needs for furniture manufacturing for Williams-Sonoma, with its 36’ clear ceiling heights.

This North Carolina Industrial Net Lease Property is situated at 2973 Kelly Boulevard in Claremont, with 28610 as the zip code. The Commercial property Owner is Kelly Boulevard Associates, LLC, and is made up of a joint venture (JV) of JER Partners from McLean, Virginia, and Fulcra Enterprises. The Joint Venture partner Fulcra Enterprises is headquartered in Cornelius, North Carolina. The joint venture of JER Partners and Fulcra Enterprises purchased the commercial property, which is a Class A Industrial Investment, for $9.5 million. The Industrial Net Leased Property in Claremont is approximately 45 miles from the Charlotte – Douglas International Airport.

The Industrial Net Lease Property was acquired by JER Partners and Fulcra Enterprises towards the end of the year of 2008. The North Carolina Industrial Net Lease Property was constructed in 1999 and is positioned on approximately 25.57 Acres. Kelly Boulevard Associates, LLC was able to acquire the North Carolina Commercial Property through bankruptcy proceedings. The North Carolina Commercial Property is a premier building that was developed by the previous property owner, Collezione Europa USA, Incorporated.

The Net Lease Property was built with state of the art features for and Industrial Building such as an ESFR Sprinkler system, and Insulated pre-cast concrete panels. The Commercial Property also was built with Insulated high doors with pit type levelers, seals, lights, awnings super-flat floors, and a complete racking system for convenience. We found through our Commercial Property research that this property was marketed at $3.25 per square foot for a net lease or at $16.5 million for a NNN Property purchase. NNN Commercial Real Estate analysts believes the average net lease rate for industrial properties in the Charlotte metropolitan statistical area (MSA) is approximately $4.36 per square foot. We are not privy as to if there was Net Lease Funding which was assumable on this property.

The NNN Industrial Property is situated just off I-40. The NNN Industrial Property has easy access to I-77, State Highway 321 and Interstate 85. The Commercial Property sits northwest of Charlotte and the Tenant, Sutter Street Manufacturing will use it to provide upholstered furniture for Williams-Sonoma. Back in 2008, Sutter Street Manufacturing opened a furniture manufacturing center in Hickory, which has some of the oldest furniture manufacturers in the United States. Williams-Sonoma believes in this area and liked the high quality construction of this high quality Industrial Warehouse Property.

One of the Industrial Net Lease Property Owners is JER Partners. This Commercial Property Owner is a management-owned, fully integrated private commercial real estate investment management company. This private commercial real estate investment management company has over 27 years of experience in sourcing, underwriting and managing a broad spectrum of commercial real estate investment properties and debt products in the U.S. and Europe.

The commercial real estate investment firm along with their financial and operating partners, have purchased and managed approximately 15,000 commercial investments, valued at over $27 billion. The commercial real estate investment firm invests not only in triple net lease properties but CMBS, mezzanine financing and other structured debt products. This private commercial real estate investment management company has been a Special Servicer of Commercial Loans and securities for over 20 years.

The other Net Leased Property Owner is Fulcra Enterprises. This company, Fulcra Enterprises is a commercial real estate investment and operating company located in the Charlotte, North Carolina metropolitan area. This commercial real estate investment company focuses on opportunistic and value-added properties to investment in. This commercial real estate investment company prefers to invest in the Southeast area as many of our Triple Net Lease Investors prefer. Fulcra Enterprises Inc. is involved in purchasing and selling net lease properties. The commercial real estate investment company was incorporated in 2004.

The first Williams-Sonoma retail store opened in 1956, selling a small array of cookware imported from France. Since that time the Net Lease Property Tenant has expanded their brand to hundreds of products from around the world. This net lease property Tenant currently has more than 250 stores nationwide. The net lease property Tenant, Williams-Sonoma, Inc. was founded in 1956.

This net leased property Tenant, Williams-Sonoma, Inc. is the premier specialty retailer of home furnishings and gourmet cookware in the United States. Their retail brands are among the best known and most-respected in the entire industry. Williams-Sonoma, Inc. offers high-quality, stylish products for every room in the house: from your kitchen to your comfortable living room, bedroom, home office and even the hall closet.

Contact Net Lease Properties to purchase NNN Property or for 1031 exchange replacement property.

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