Category: Property Sale

Secure Net Lease, a nationally recognized brokerage firm, orchestrated the sale of a 7 Brew Coffee in Red Oak, Texas. This property sold at a strong cap rate to a tenant buyer from Kansas in an all cash transaction.

The agent who facilitated this deal, Kyle Varni, said “Initially, we had a prospective buyer interested in the 7 Brew location in Odessa. However, we redirected their interest to the 7 Brew in Red Oak, which turned out to be a smooth transition.”

This 510 square-foot 7 Brew Coffee is located at a signalized intersection on a main retail corridor on East Ovilla Road (20,000+ VPD), just off of Interstate 35 (83,838+ VPD). It is only 1 mile from the $1+ billion Google and Compass Datacenters, 1.5 miles from Red Oak High School (2,160+ Students), and less than 2 miles from Texas State Technical College (10,200+ Students), the #3 Trade School in Texas. This high growth suburb of Dallas, Texas has strong income demographics and has had a 41.75% population increase since 2020.

“They exercised their right of first refusal (ROFR) on the location, simplifying the entire process for us. As a result, the closing was seamless, and the property sold at a strong cap rate relative to the area.” Varni concluded.

The successful sale of the 7 Brew Coffee in Red Oak, Texas, highlights Secure Net Lease’s expertise in efficiency and underscores the growing demand for well-positioned, high-traffic retail assets in thriving suburban markets. With a seamless closing process and a strong cap rate achieved, Secure Net Lease continues to deliver exceptional results for its clients nationwide.

Unlike most coffee chains, 7 Brew’s unique business model centers solely on drive-thru business, with no interior sit-down space in their compact 500-square-foot stands. Since 2017, 7 Brew has grown to over 210 locations in 26 states and continues to expand rapidly with a recent investment from Blackstone, the world’s largest commercial RE owner.

About Secure Net Lease

Secure Net Lease is a nationally recognized brokerage firm with offices in Dallas, TX and Los Angeles, CA that specializes in the acquisition and disposition of investment real estate. With over 100 years of collective experience, over $7.4B in sales, and transaction history in 48 states, Secure Net Lease consistently ranks among the top 10 of all brokerage firms nationally within their niche. Secure Net Lease works with developers, tenants, private and institutional owners to achieve market-setting cap rates for single- and multi-tenant net lease investments across the nation. Historically, 88% of Secure Net Lease offerings are new construction leased to nationally known tenants with 10+ years remaining on the primary term.

Secure Net Lease, a top ranking brokerage firm, facilitated the sale of an Advance Auto Parts in Hondo, Texas, right outside of San Antonio. The property was sold in an all-cash deal to a local 1031 exchange buyer.

The agent who orchestrated the deal, Anthony Pucciarello, said “We recently sold both this Starbucks and an Advance Auto Parts location in Hondo to the same 1031 exchange buyer. The transaction was incredibly smooth, as the buyer, a motivated investor, closed the deal within about 14 days of signing the contract.”

The 6,889 square-foot building is strategically located on the I-90 & I-173 Interchange, which sees over 25,000 vehicles per day. It is positioned in a dense retail corridor with anchor tenants H-E-B, Walmart, and Tractor Supply. Other nearby national tenants include McDonalds, Taco Bell, Whataburger, Best Western and more. This property is also near South Texas Regional Airport and Hondo High School. 

“The buyer was a local exchange buyer from Round Rock who had just sold his family ranch nearby, so he was already familiar with and fond of the area. Our seller had the opportunity to meet him in person at the property, which further strengthened the relationship. Now, the buyer has expressed interest in purchasing additional properties from us in the future” the agent concluded.

The property’s prime location, surrounded by high-traffic businesses and close to key landmarks, made this an attractive investment. The buyer, familiar with the area, completed the deal swiftly within 14 days. This transaction has fostered a strong relationship between the buyer and Secure Net Lease, with potential for future collaborations on additional property sales.

Advance Auto Parts is a leading provider of automotive aftermarket parts, serving professional mechanics and DIY customers. As of 2024, the company operates 4,781 stores across the U.S., Canada, Puerto Rico, and the U.S. Virgin Islands, along with supporting 1,125 independently owned Carquest locations. Advance Auto Parts reported annual revenue of approximately $11 billion for its most recent fiscal year​. 

About Secure Net Lease

Secure Net Lease is a nationally recognized brokerage firm with offices in Dallas, TX and Los Angeles, CA that specializes in the acquisition and disposition of investment real estate. With over 100 years of collective experience, over $7.4B in sales, and transaction history in 48 states, Secure Net Lease consistently ranks among the top 10 of all brokerage firms nationally within their niche. Secure Net Lease works with developers, tenants, private and institutional owners to achieve market-setting cap rates for single- and multi-tenant net lease investments across the nation. Historically, 88% of Secure Net Lease offerings are new construction leased to nationally known tenants with 10+ years remaining on the primary term.

Now, the buyer has expressed interest in purchasing additional properties from us in the future.

Secure Net Lease, a top ranking brokerage firm, facilitated the sale of a Starbucks in Hondo, Texas, right outside of San Antonio. The property was sold in an all-cash deal to a local 1031 exchange buyer.

The agent who orchestrated the deal, Anthony Pucciarello, said “We recently sold both this Starbucks and an Advance Auto Parts location in Hondo to the same 1031 exchange buyer. The transaction was incredibly smooth, as the buyer, a motivated investor, closed the deal within about 14 days of signing the contract.”

The 2,225 square-foot building is strategically located on the I-90 & I-173 Interchange, which sees over 25,000 vehicles per day. This property is located between several other high-traffic stores: McDonalds (260,638 yearly store visits), Golden Chick (96,680 yearly store visits), and Taco Bell (48,753 yearly store visits). It is also near Walmart (485,505 yearly store visits) and HEB (419,503 yearly store visits). It is also located near South Texas Regional Airport (68 flights/day) and Hondo High School (576 students).

“The buyer was a local exchange buyer from Round Rock who had just sold his family ranch nearby, so he was already familiar with and fond of the area. Our seller had the opportunity to meet him in person at the property, which further strengthened the relationship. Now, the buyer has expressed interest in purchasing additional properties from us in the future” the agent concluded.

The property’s prime location, surrounded by high-traffic businesses and close to key landmarks, made this an attractive investment. The buyer, familiar with the area, completed the deal swiftly within 14 days. This transaction has fostered a strong relationship between the buyer and Secure Net Lease, with potential for future collaborations on additional property sales.

Starbucks Corporation is the premier and largest purveyor of coffee in the world. They are an investment grade tenant, being rated BBB+ by S&P and having reported $29.46 billion in revenue for 2023. The multi-national chain has 35,711 locations in 80 countries worldwide with 16,255 locations in the United States. They saw strong revenue growth of 11% during 2022 when comparing 2021 largely attributed to 36% revenue growth from their licensed stores.

About Secure Net Lease

Secure Net Lease is a nationally recognized brokerage firm with offices in Dallas, TX and Los Angeles, CA that specializes in the acquisition and disposition of investment real estate. With over 100 years of collective experience, over $7.4B in sales, and transaction history in 48 states, Secure Net Lease consistently ranks among the top 10 of all brokerage firms nationally within their niche. Secure Net Lease works with developers, tenants, private and institutional owners to achieve market-setting cap rates for single- and multi-tenant net lease investments across the nation. Historically, 88% of Secure Net Lease offerings are new construction leased to nationally known tenants with 10+ years remaining on the primary term.

Now, the buyer has expressed interest in purchasing additional properties from us in the future.

August 21, 2024 – Secure Net Lease, a top ranking brokerage firm, orchestrated the sale of a multi-tenant shopping center, Shoppes at Whitestown (Lot 6), located in the fastest growing community in Indiana every year for a decade, Whitestown. The property was sold to a private investor from Minnesota at a record-low cap rate for the Whitestown market.

The agent who facilitated the deal, Sam House, said “We received nine offers on this property, so it generated significant interest. We partnered with a broker highly familiar with Secure Net Lease who had previously worked with the buyer who was eager to expand market share in Whitestown, Indiana.” 

Shoppes at Whitestown – Lot 6 is part of three separate retail outparcels within a 500,000 SF regional retail development at the high profile and heavily trafficked intersection of Interstate 65 and Whitestown Parkway. Lot 6 is occupied by Bibibop Asian Grill, Hummus Republic, and American Mattress. It is an outparcel to a recently developed and fully leased class A regional power center anchored by Hobby Lobby, Burlington, TJ Maxx, Ross, and Planet Fitness. Whitestown is one of the most affluent submarkets in the state with an average household income of approximately $167,300 and median household income of approximately $127,500 within a 5-mile radius of subject property.

“The transaction went smoothly, and we closed at a record-high price per square foot and record-low cap rate for the area. This was also one of the first multi-tenant closings in Whitestown, setting a new benchmark. We were very excited about how it all came together,” the agent concluded.

This was a unique opportunity to acquire a stabilized, multi-tenant retail property in a continuously growing and highly sought after family-oriented submarket with extremely low vacancy and multiple barriers to entry.

The sale of Shoppes at Whitestown – Lot 6 highlights the demand for retail properties in one of Indiana’s fastest-growing and most affluent communities. With a record-low cap rate and high level of investor interest, the transaction underscores the strong appeal of Whitestown’s thriving retail market and its strategic location near major highways. The deal not only reflects Secure Net Lease’s expertise in securing competitive offers but also sets a new standard for multi-tenant property sales in the area, making it a significant milestone for the Whitestown market.

About Secure Net Lease

Secure Net Lease is a nationally recognized brokerage firm with offices in Dallas, TX and Los Angeles, CA that specializes in the acquisition and disposition of investment real estate. With over 100 years of collective experience, over $7.4B in sales, and transaction history in 48 states, Secure Net Lease consistently ranks among the top 10 of all brokerage firms nationally within their niche. Secure Net Lease works with developers, tenants, private and institutional owners to achieve market-setting cap rates for single- and multi-tenant net lease investments across the nation. Historically, 88% of Secure Net Lease offerings are new construction leased to nationally known tenants with 10+ years remaining on the primary term.

The transaction went smoothly, and we closed at a record-high price per square foot and record-low cap rate for the area.

August 20, 2024 – Secure Net Lease, a top ranking brokerage firm, facilitated the sale of a Starbucks in Greeley, Colorado’s fastest growing city. The property sold at a favorable cap rate for the seller to a local Colorado buyer.

The agent who orchestrated the deal, Matthew Scow, said “We took over this Starbucks from another broker while it was still on the market. We ultimately found a local Colorado buyer who represented themselves.”

The 2,074 square-foot coffee shop sits on 0.95 acres right across the street from Banner Health North Colorado Medical Center, the largest hospital in Northern Colorado. The facility has 378 beds, over 3,000 healthcare professionals, and sees nearly 2,000 patients every day. It is also less than 1 mile from The University of Northern Colorado, home to over 9,000 students, and 3 miles from Greeley-Weld County Airport. The property’s prime location and tenant make this a very attractive investment.

“This was a unique buyer situation as they were in an exchange after selling some mineral rights, which made this Starbucks a perfect fit with this price point. Ultimately, it was a win-win, and the transaction completed successfully.” the agent concluded.

The sale of this Starbucks property in Greeley reflects Secure Net Lease’s expertise in finding tailored solutions for both buyers and sellers. With a prime location near major healthcare, educational, and transportation hubs, this property offers solid investment potential in one of Colorado’s fastest-growing cities. By matching the right buyer with the seller’s goals, Secure Net Lease demonstrated its ability to deliver favorable outcomes for all parties involved.

Starbucks Corporation is the premier and largest purveyor of coffee in the world. They are an investment grade tenant, being rated BBB+ by S&P and having reported $29.46 billion in revenue for 2023. The multi-national chain has 35,711 locations in 80 countries worldwide with 16,255 locations in the United States. They saw strong revenue growth of 11% during 2022 when comparing 2021 largely attributed to 36% revenue growth from their licensed stores.

About Secure Net Lease

Secure Net Lease is a nationally recognized brokerage firm with offices in Dallas, TX and Los Angeles, CA that specializes in the acquisition and disposition of investment real estate. With over 100 years of collective experience, over $7.4B in sales, and transaction history in 48 states, Secure Net Lease consistently ranks among the top 10 of all brokerage firms nationally within their niche. Secure Net Lease works with developers, tenants, private and institutional owners to achieve market-setting cap rates for single- and multi-tenant net lease investments across the nation. Historically, 88% of Secure Net Lease offerings are new construction leased to nationally known tenants with 10+ years remaining on the primary term.

This was a unique buyer situation as they were in an exchange after selling some mineral rights, which made this Starbucks a perfect fit with this price point.

August 15, 2024 – Secure Net Lease, a nationally recognized brokerage firm, orchestrated the sale of a 7 Brew Coffee in Midland, Texas. This property generated a lot of interest and sold at an aggressive cap rate to a private investor from California.

The agent who facilitated this deal, Kyle Varni, said “This was a great deal to get across the finish line. The listing attracted strong interest, resulting in multiple offers and creating a competitive bidding environment.”

This 510 square-foot 7 Brew Coffee is located on Loop 250 in Midland, Texas, a major thoroughfare for the Midland area that sees over 52,700 vehicles per day. The property is located directly across from Midland Park Mall, a 635,788+ square-foot shopping mall with 6 anchor tenants including Dillard’s, JCPenny, and Dick’s Sporting Goods. It is also only one mile from Midland College, a public community college with over 5,180 enrolled students and over 800 employees. Midland College makes up 704,752 square feet and has a 224 acre campus.

“We secured an aggressive cap rate with a motivated 1031 buyer from California. We worked through a minor lease amendment, and the overall process went smoothly. The buyer visited the site, met with the franchise, and we successfully closed the deal at a very competitive cap rate for this market” Varni concluded.

This sale of the 7 Brew Coffee property in Midland, Texas highlights Secure Net Lease’s expertise in facilitating deals with high-demand investment opportunities. Kyle Varni was able to generate competitive interest and deliver a smooth transaction process.

Unlike most coffee chains, 7 Brew’s unique business model centers solely on drive-thru business, with no interior sit-down space in their compact 500-square-foot stands. Since 2017, 7 Brew has grown to over 210 locations in 26 states and continues to expand rapidly with a recent investment from Blackstone, the world’s largest commercial RE owner.

About Secure Net Lease

Secure Net Lease is a nationally recognized brokerage firm with offices in Dallas, TX and Los Angeles, CA that specializes in the acquisition and disposition of investment real estate. With over 100 years of collective experience, over $7.4B in sales, and transaction history in 48 states, Secure Net Lease consistently ranks among the top 10 of all brokerage firms nationally within their niche. Secure Net Lease works with developers, tenants, private and institutional owners to achieve market-setting cap rates for single- and multi-tenant net lease investments

The listing attracted strong interest, resulting in multiple offers and creating a competitive bidding environment.

July 26, 2024 – Secure Net Lease successfully facilitated the sale of a 7-Eleven property located at 3301 Lomas Del Sur Blvd in Laredo, Texas. The buyer, a repeat client from Phoenix, AZ, utilized a 1031 exchange and secured approximately 50% financing for the purchase.

Ed Benton orchestrated this deal and said, “We secured an impressive cap rate for South Texas with this deal. We sourced a West Coast buyer who was in a 1031 exchange, obtaining about 50% financing. We successfully negotiated a stronger cap rate for the seller, and, given the property’s location, this was an exceptional outcome for the market. It’s worth noting that this is a repeat buyer, who had previously purchased a 7-Eleven from us.”

The 7-Eleven is strategically located at a signalized, high-traffic intersection at Lomas Del Sur Blvd and S Ejido Ave, which sees over 25,000 vehicles passing daily. The property’s visibility is further enhanced by its proximity to key thoroughfares, US-83 and Cuatro Vientos Rd, which see 36,140 and 35,661 vehicles per day, respectively. The site is located within an area experiencing significant population growth, with over 85,465 residents in a 3-mile radius, adding to the property’s investment appeal. Laredo’s role as the largest inland port on the U.S.-Mexico border, processing $833 million in daily trade, positions the property in a market driven by strong economic and demographic fundamentals.

7-Eleven, Inc. is the world’s largest convenience store chain, with over 83,000 stores globally. As a leader in the convenience retail sector, 7-Eleven is known for its strong financial standing and innovative retail model. The inclusion of locally popular brands, such as the Laredo Taco Company, within this store further enhances the site’s draw, driving foot traffic and adding to its long-term viability as an investment. The company’s S&P “A” credit rating provides additional confidence to real estate investors seeking stability in net lease investments.

The property’s location in Laredo, Texas, offers unique advantages. As the third-largest city on the U.S.-Mexico border and a vital trade hub, Laredo is integral to international trade flows. With $833 million of daily trade moving through the city, Laredo’s economy continues to grow, making it a prime location for commercial real estate investments. The strong population growth and the city’s importance in global trade create a stable, long-term investment opportunity for investors seeking exposure to high-demand retail sectors.

About Secure Net Lease

Secure Net Lease is a nationally recognized brokerage firm with offices in Dallas, TX, and Los Angeles, CA, that specializes in the acquisition and disposition of investment real estate. With over 100 years of collective experience, over $7.4B in sales, and transaction history in 48 states, Secure Net Lease consistently ranks among the top 10 of all brokerage firms nationally within their niche. Secure Net Lease works with developers, tenants, and private and institutional owners to achieve market-setting cap rates for single- and multi-tenant net lease investments across the nation. Historically, 88% of Secure Net Lease offerings are new construction leased to nationally known tenants with 10+ years remaining on the primary term.

We successfully negotiated a stronger cap rate for the seller, and, given the property’s location, this was an exceptional outcome for the market.

July 23,2024 – Secure Net Lease, recognized for its expertise in investment real estate, facilitated the sale of a Take 5 Oil Change in San Angelo, Texas. This property was sold at an aggressive cap rate to a private investor from Illinois.

“This particular Take 5 was priced very competitively. We ended up working with a buyer’s broker we’ve partnered with on multiple transactions, and he connected us with a qualified 1031 exchange buyer who secured a small amount of financing, and the transaction went smoothly,” Varni said.

This 1,421 square-foot building sits on 0.4 acres on a high traffic corner right off of US-67. The property is located in an affluent area of San Angelo, TX with nearly 95,500 people living within 5 miles. It is also adjacent to the biggest high school in San Angelo, Central High School, and only 1.5 miles from Angelo State University. Combining that with the close proximity to Downtown, a strong and consistent consumer base is conveniently provided. 

“Compared to other deals in secondary markets in Texas, we closed at a more aggressive cap rate. Overall, working with the buyer’s broker and loan broker was seamless, and the deal was completed without any major issues. The broker’s buyer control and experience helped us find a solid 1031 exchange buyer,” the agent concluded.

The successful sale of the Take 5 Oil Change in San Angelo highlights Secure Net Lease’s continued ability to close deals at competitive cap rates, even in a dynamic market. With the collaboration between brokers and a well-qualified 1031 exchange buyer, the transaction was completed efficiently. 

With over 1,000 locations and $1.29M in annual sales, Take 5 Oil Change has been awarded the #1 spot in customer satisfaction for aftermarket quick oil changes two years in a row. Also, over the last two years their brand has doubled in size and has hundreds of franchised locations in their pipeline.

 

About Secure Net Lease

Secure Net Lease is a nationally recognized brokerage firm with offices in Dallas, TX and Los Angeles, CA that specializes in the acquisition and disposition of investment real estate. With over 100 years of collective experience, over $7.4B in sales, and transaction history in 48 states, Secure Net Lease consistently ranks among the top 10 of all brokerage firms nationally within their niche. Secure Net Lease works with developers, tenants, private and institutional owners to achieve market-setting cap rates for single- and multi-tenant net lease investments across the nation. Historically, 88% of Secure Net Lease offerings are new construction leased to nationally known tenants with 10+ years remaining on the primary term.

Compared to other deals in secondary markets in Texas, we closed at a more aggressive cap rate.

July 17, 2024 — Secure Net Lease, a nationally recognized brokerage firm, successfully sold a 7-Eleven located at 3108 N. Shary Rd. in Mission, Texas. The transaction, completed in mid-July, resulted in an aggressive cap rate, exceeding market expectations.

One of the key reasons for this successful sale was the strong relationship between the seller and the buyer’s broker, a partnership that has been successful in the past. This time, the broker introduced a 1031 exchange buyer from Phoenix, AZ, who came in with an all-cash offer, ensuring the deal closed quickly and smoothly.

“It’s unbelievable that we secured such a favorable cap rate today, especially for a 7-Eleven in South Texas. Despite the lending process challenges, we successfully navigated through it, resulting in a very smooth transaction.” Ed said.

The 4,842-square-foot 7-Eleven property is perfectly situated at the busy intersection of Shary Rd and 2 Mile Rd. The property’s prime location and the area’s outstanding demographics made this a highly attractive investment. Located at a hard corner signalized site with heavy traffic flow, the site benefits from significant daily exposure and proximity to South Texas College.

The deal also highlights the importance of strategic relationships in real estate. Edward Benton noted, “The buyer’s broker, who we have done many deals with in the past and have a strong relationship with, brought us a 1031 exchange buyer from Phoenix who paid all cash.” Benton added, “We achieved great results in terms of price and cap rate, which far exceeded market expectations.”

As a tenant, 7-Eleven, Inc. is a powerhouse in the convenience retail industry, with a global footprint of over 72,800 stores across 18 countries. Headquartered in Irving, Texas, 7-Eleven operates more than 14,000 company-owned or franchised stores in North America alone, making it a dominant player in the market. Known for its innovative approach to retail, 7-Eleven consistently delivers convenience and value to its customers. With a strong credit rating and a history of success, 7-Eleven is a prime tenant, offering investors confidence in the long-term security and growth potential of properties under its lease.

This sale of the 7-Eleven property is a prime example of Secure Net Lease’s ability to deliver strong outcomes for their clients, leveraging their extensive network and market expertise to achieve outstanding results.

About Secure Net Lease

Secure Net Lease is a nationally recognized brokerage firm with offices in Dallas, TX and Los Angeles, CA that specializes in the acquisition and disposition of investment real estate. With over 100 years of collective experience, over $7.4B in sales, and transaction history in 48 states, Secure Net Lease consistently ranks among the top 10 of all brokerage firms nationally within their niche. Secure Net Lease works with developers, tenants, private and institutional owners to achieve market-setting cap rates for single- and multi-tenant net lease investments across the nation. Historically, 88% of Secure Net Lease offerings are new construction leased to nationally known tenants with 10+ years remaining on the primary term.

We achieved great results in terms of price and cap rate, which far exceeded market expectations.

July 19, 2024 — Secure Net Lease, a nationally ranked brokerage firm, sold a Whataburger in Glen Rose, Texas in mid-July. This deal closed quickly to a 1031 exchange buyer from Washington.

SNL’s Ed Benton facilitated the all-cash transaction with an aggressive cap rate for the seller, a merchant developer from California.

“We did exceptionally well in terms of price and cap rate. This Whataburger deal in Glen Rose, Texas, sold within the first couple of weeks of marketing at list price. We secured an all-cash exchange buyer, brought in from a broker who’s been a long-time friend of mine. He brought in a client he’s done significant business with over the years, who paid a 4.5% cap rate—a great outcome, especially considering Glen Rose is a smaller town. The 21-day due diligence period went smoothly, and the deal closed on time” Ed said.

This brand new, 2,000 square-foot QSR is located on just over an area of land. It is situated on one of the main roads in the town of Glen Rose, which sees over 25,200 vehicles per day. It is strategically located near three schools and other nationally recognized tenants such as Brookshire’s, Taco Bell, Dairy Queen, and Subway. Glen Rose, TX is just 50 miles southwest of Fort Worth, the 16th largest city in the United States. 

“Overall, it was a very smooth transaction where we achieved an aggressive cap rate for the seller at a time when selling deals is anything but easy.”

The successful sale of this Whataburger in Glen Rose, Texas highlights Secure Net Lease’s expertise in navigating more challenging markets. SNL remains committed to leveraging its strong industry relationships and market knowledge to achieve favorable cap rates and outcomes for its clients.

Whataburger is an established brand with system-wide sales exceeding $3 billion. Whataburger secured the 34th position on the 2023 Franchise Times 400 list—an advancement of 13 spots compared to the previous year. Presently, the brand boasts 1,000+ restaurants, 769 being in Texas, and continues to expand.

About Secure Net Lease

Secure Net Lease is a nationally recognized brokerage firm with offices in Dallas, TX and Los Angeles, CA that specializes in the acquisition and disposition of investment real estate. With over 100 years of collective experience, over $7.4B in sales, and transaction history in 48 states, Secure Net Lease consistently ranks among the top 10 of all brokerage firms nationally within their niche. Secure Net Lease works with developers, tenants, private and institutional owners to achieve market-setting cap rates for single- and multi-tenant net lease investments across the nation. Historically, 88% of Secure Net Lease offerings are new construction leased to nationally known tenants with 10+ years remaining on the primary term.

Overall, it was a very smooth transaction where we achieved an aggressive cap rate for the seller at a time when selling deals is anything but easy.