Category: Property Sale

July 11, 2024 — Secure Net Lease, recognized for its expertise in investment real estate, orchestrated the closing of a Regions Bank in the highly sought-after Heights Area of Houston, Texas. This listing was sold for over its initial list price, due to a competitive bidding process.

SNL’s James Anderson effectively closed the all-cash transaction with Regions Bank, facilitated by a Texas-based broker. The property quickly attracted multiple all-cash offers over the listing price, but the tenant ended up bringing in the best offer.

“The property, largely a covered land play, was encumbered by a ground lease with Regions Bank, which was considered unfavorable. Despite this, the land’s value, spanning 1.84 acres, attracted attention quickly. We marketed the property, and within a week, we received about five all-cash offers. We conducted a best and final, and three groups offered above our list price. We selected the most logical and probable buyer to close the deal” Anderson said.

This 5,000 square-foot bank, located on 1.84 acres, is situated within the coveted Heights Area of Houston and benefits from the 3-mile population of over 180,975 that have an average household income of over $168,315. This branch of Regions Bank boasts exceptionally strong deposits, exceeding $100 million. Among the 27 Regions branches in Harris County, it ranks fourth in deposit volume.

“Regions Bank exercised their ROFR despite planning to go dark at several locations. Regions ended up being the best buyer because they had the lease in place. The deal was smooth, although we had to conduct a phase two environmental assessment due to an old C-store from the 80s. Fortunately, the results came back clean. Ultimately, the competitive bidding process elevated the final sale price above the initial list price. Although Regions exercised their offer, the bidding war drove up the price, and they paid the maximum amount possible,” the agent concluded.

Despite the challenges posed by the ground lease, buyers recognized the 1.84-acre property’s land and location as highly valuable. Within a week of marketing, it attracted significant interest, generating five offers and ultimately sparking a bidding war. 

Regions Financial Corporation is a bank holding company headquartered in Birmingham, Alabama. The company provides retail banking and commercial banking, trust stock brokerage, and mortgage services. Regions serves customers across the South, Midwest, and Texas. Regions Bank is ranked 434th on the Fortune 500 List and is on the list of the largest banks in the U.S. Their revenue for 2023 was $9.153 billion and they hold over $155 billion in assets. 

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.

Ultimately, the competitive bidding process elevated the final sale price above the initial list price.

July 10, 2024 — Secure Net Lease coordinated the closing of a Bojangles in a prime location of Saluda, South Carolina. This deal highlights SNL’s attractive inventory and ability to present buyers with the right investment.

SNL’s Todd Lewis effectively closed the all-cash deal with a private buyer from South Carolina. The buyer’s broker, from Tennessee, also played a crucial role in the transaction closing smoothly within a 45-day timeframe.

“This deal proceeded smoothly once we adjusted the price. Initially, the aggressive pricing didn’t generate much interest, but after making a price adjustment, we received two offers and selected the right one. The buyer’s broker from Tennessee did an excellent job, resulting in a smooth closing and a successful transaction” Lewis said.

The 2,425-square-foot QSR, built in 2022, boasts strong store sales and a healthy rent-to-sales ratio. Situated at a prime location in the center of the market, it stands at a popular signalized intersection with multiple points of access on two primary roads. The site is conveniently located 40 miles from both Augusta, GA, and Columbia, SC, and within a one-hour drive of more than 1.3 million people.

“The buyers were considering multiple QSRs in the Southeast, and we presented them with the best option. The high sales volume, the fact that it was the top franchisee for Bojangles, and the increased inquiries were essential factors of the deal.”  

Bojangles is a popular fast-food restaurant chain primarily located in the Southeastern United States. It is known for its Southern-inspired menu and its friendly and fast service, aiming to provide a welcoming and down-home dining experience. The franchisee, BOJ of WNC, is the largest and most profitable operator in the Bojangles system with more than 115 units and counting and in excess of $210M in annual revenue.

The property’s strong performance and the increased inquiries were crucial factors in closing the sale. This deal highlights the appeal of well-positioned retail properties in thriving markets.

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.

 

July 1, 2024 — Secure Net Lease facilitated the smooth closing of a Murphy Express gas station located in Mary Esther, FL. The deal, completed at the beginning of July, highlights SNL’s broad network and reach on both a national and local level.

SNL’s Kyle Varni successfully brokered the deal with a private investor from Fort Lauderdale, FL who was motivated by a 1031 exchange, having recently sold a warehouse in the Miami, FL MSA. The broker, based in Florida as well, facilitated the all-cash transaction, which was driven by the seller’s motivation as a merchant developer.

“We recently closed a transaction involving a buyer who came from an industrial property exchange in the Miami, Florida area. This was their first Net Lease transaction, facilitated smoothly with the help of a family member who acted as their broker. They secured the deal at a very competitive cap rate for Murphy Express in the current market” Varni said.

The 2,824 square-foot gas station is a brand new construction site sitting on almost an acre of land. The city has close proximity to popular tourist destinations, being located on the Gulf Coast. It sits in between Pensacola and Panama City, and is located only 9 miles from Destin and 2 miles from Fort Walton Beach. Okaloosa County receives around 7.5 million tourists every year, making this an attractive area for investments.

“Initially, the buyer was interested in another Murphy Express property we had listed in Texas. However, we were able to direct them to this property in Florida, which was closer to home for them. The entire process was relatively smooth with no major hiccups or challenges. By leveraging our multiple Murphy Express listings, we attracted the right local buyer and successfully closed the deal.”

Murphy USA (NYSE: MUSA) is a leading retailer of gasoline and convenience merchandise, operating more than 1,720 locations in 27 states under the brands Murphy USA and Murphy Express. The brands provide quality fuels at the best value to approximately 2 million customers a day.

This transaction underscores Secure Net Lease’s ability to leverage its extensive network and expertise to attract the right local buyers, facilitating successful real estate investments.

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.

June 26, 2024 — Secure Net Lease, a renowned brokerage firm specializing in the acquisition and sale of investment real estate, facilitated the all-cash sale of a newly renovated Banfield Pet Hospital in an attractive area of Midlothian, Virginia. The transaction was completed in late June, with the buyer being a local private investor from Virginia motivated by a 1031 exchange.

SNL’s Matthew Scow shared insights on the sale process: “We acquired this listing from another group, and the process was relatively slow at first due to the double net nature of the deal. To find a buyer, we reached out to numerous contacts in Virginia, aiming for a local purchaser. Eventually, we found the perfect match: a lovely couple from Virginia. They had land under contract with Home Depot, which allowed them to act quickly and meet the two-week closing requirement needed to start the exchange. This deal fit their needs perfectly. We listed the property at a 5.75% cap rate and ultimately closed at a 5.80% cap rate. The property, a former bank building, is in a prime location of Midlothian, Virginia. The couple toured the business and were very enthusiastic about it.”

The property, located at 13001 Hull Street Road, Midlothian, VA, near Richmond, VA, is positioned in a high-traffic area near several nationally recognized tenants such as Target, Starbucks, and Dick’s Sporting Goods. This prime location adds to the property’s attractiveness, making it a valuable investment.

“Banfield Pet Hospital, owned by the Mars Corporation, which is now one of the largest private companies in the U.S., brings strong financial backing to the table. Their solid credit helped mitigate concerns about the double net lease, making this deal more attractive to the buyers.”

This transaction highlights the continuing demand for prime real estate in Virginia and underscores the importance of local investment in driving economic growth. The sale of Banfield Pet Hospital to these local investors is a testament to the property’s value and the strategic planning involved in securing the right buyers.

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.

Their solid credit helped mitigate concerns about the double net lease, making this deal more attractive to the buyers.

June 5, 2024 — Secure Net Lease, a nationally acclaimed brokerage firm, facilitated the sale of a newly constructed 7-Eleven in an affluent area of Houston, Texas. The transaction was completed in early June, with the buyer being a private investor from Florida motivated by a 1031 exchange.

SNL’s Ed Benton facilitated the all-cash deal, showcasing the high demand and competitiveness in the market. The buyer and broker, both hailing from Florida, managed to secure a favorable cap rate in a challenging market environment, highlighting the strategic importance and attractiveness of the property.

This deal exemplifies the dynamic nature of the real estate market, especially in high-demand areas such as Houston. The transaction was noted for its smooth and swift process, underscoring the efficiency and expertise of all parties involved.

Ed Benton said “The buyer was previously in the gas station business and understood the product type. I got the opportunity to meet them in person when they came to town and was able to spend the day with them looking at the property and driving the area. In that meeting I was able to educate them on why 7-Eleven chose that site and explain several key factors about the location that made the tenant believe it was going to be a good performing location for them.”

The large-format 7-Eleven, located at 2851 W Mount Houston Road, sits on a 3.51-acre site with 10 gasoline pumps and 20 fueling positions. The site is located in a dense industrial area, adjacent to 120-acre industrial park and several small industrial businesses. This property is also strategically positioned near George Bush Intercontinental Airport, Houston’s largest airport with over 40 million travelers per year.

“What was most compelling for 7-Eleven was their ability to have a diesel terminal on the property allowing them to capture fuel sales from the large amount of truck traffic on that section of West Mt. Houston Road. This conversation and time spent with the buyer played a big part in them moving forward with the purchase at a very aggressive CAP Rate for the seller.”

7-Eleven, Inc. is the premier name and largest chain in the convenience-retailing industry. Based in Irving, TX, 7-Eleven operates, franchises and/or licenses more than 85,000 stores in 20 countries. They continue to develop new stores year-round and are constantly thinking of innovative ways to increase consumer engagement.

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 conversation and time spent with the buyer played a big part in them moving forward with the purchase at a very aggressive CAP Rate for the seller.

Dallas, May 5, 2024 – Secure Net Lease completed a 1031 Exchange sales transaction involving a newly constructed 7-Eleven Store in San Marcos, TX. The nationally-recognized brokerage that specializes in the acquisition and disposition of investment real estate throughout the United States, arranged the sale of a 4,650-square-foot store held under a 15-year, corporate, absolute NNN lease.

Secure Net Lease’s Edward Benton represented the seller, an Austin, TX-based developer. The buyer was a Sherman Oaks, CA-based private 1031 investor.

Ed Benton said, “The buyer sold a roughly one-acre, trophy asset in the Los Angeles market that had been part of its family holdings for many years. Once its down-leg transaction closed, the family sought a 1031 Exchange property, and this 7-Eleven asset built in 2023 in Texas appealed to them.”

The large-format 7-Eleven, located at 1231 E. McCarty Lane, sits on a 1.74-acre site with 40 parking spaces and eight gasoline fueling pumps. The site is adjacent to an Amazon Fulfillment Center that employs more than 1,000 people and roughly three miles from the 570-acre, 38,370-student campus of Texas State University.

“Our team understood this buyer type is rarely in the market and required us to leverage our internal platform and deep relationships throughout the brokerage community to successfully source a buyer and achieve a top of market CAP rate for our seller client,” said Benton. “This 1031 Exchange transaction was accomplished by keeping the San Marcos, TX 7-Eleven site top of mind with the eventual buyer as it worked through a two-month closing process on a separate down-leg transaction.”

7-Eleven, Inc. is the premier name and largest chain in the convenience-retailing industry. Based in Irving, TX, 7-Eleven operates, franchises and/or licenses more than 78,029 stores in 18 countries.

San Marcos, TX is located 20 miles south of Austin and 40 miles north of San Antonio. The city is one of Austin’s major suburbs and is accessed via major roadways such as IH-35, SH-130, US-183 and IH-10. The population of San Marcos grew 55% from 2010 to 2019, reaching 70,301 and with the expectation it would hit 86,200 people by 2030.

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.

Our team understood this buyer type is rarely in the market and required us to leverage our internal platform and deep relationships throughout the brokerage community.

May 22, 2024 — Secure Net Lease, a nationally-recognized brokerage that specializes in the acquisition and disposition of investment real estate throughout the United States, sold a newly-built Shake Shack in Round Rock, Texas. The buyer was a private California investor seeking to increase its Texas real estate holdings. The seller was a Texas-based developer.

Secure Net Lease’s Matthew Scow and Bob Moorhead represented the seller in the absolute NNN ground lease transaction.

The Shake Shack property located at 1402 North Interstate 35 in Round Rock, TX, is Secure Net Lease’s eighth Shake Shack closing, which have averaged 5.00 Cap rates and exceeded $43 million in total combined deal value. The Dallas-based firm has sold the most retail property in Texas since 2019, according to Costar.

“Completion of this transaction reflects our effective marketing campaign” said Scow. Secure Net Lease was able to achieve a win-win between parties by maximizing collaboration of both outside and internal brokers.”

“While the buyer intended to put some debt on the property during the contract period, they were still able to close all-cash to meet the closing timeline per the requirements,” said Moorhead. “This transaction was smooth and efficient, demonstrating a high level of professionalism and cooperation from all parties involved.”

Shake Shack is a modern day “roadside” burger stand serving a classic American menu of premium burgers, hot dogs, crinkle-cut fries, shakes, frozen custard, beer and wine. Since the original Shack opened in 2004 in NYC’s Madison Square Park, the Company has expanded to over 520 locations system-wide, including over 335 in 33 U.S. States and the District of Columbia, and 185 international locations across London, Hong Kong, Shanghai, Singapore, Mexico City, Istanbul, Dubai, Tokyo, Seoul and more.

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 was able to achieve a win-win between parties by maximizing collaboration of both outside and internal brokers.

Sam House with Secure Net Lease arranged the sale of Cedar Hill Crossing, an institutional-quality, 187,770-square-foot grocery-anchored shopping center located in the South Dallas market of Cedar Hill, TX. Secure Net Lease’s Sam House recently joined the nationally-recognized brokerage firm, which according to Costar, has been the top producing brokerage company in Texas for investment retail property sales since 2019.

Secure Net Lease’s Sam House represented both parties in the transaction. The buyer was a Dallas-based private investor that was strategically seeking to increase its market share in the Dallas-Fort Worth Metroplex. The seller was a New York-based mid-market private investor. Secure Net Lease’s team also assisted the buyer in securing debt financing.

“We utilized our local relationships by having them compete to generate activity for Cedar Hill Crossing. That strategy ultimately drove pricing to the top of the market,” said House. “The aggressive marketing campaign delivered 14 offers and allowed us to meet the high pricing expectations of the seller. The seven-months long marketing effort concluded with the logical selection of a local investor that was able to close at the desired price point.”

Cedar Hill Crossing is anchored by national retailers such as Kohl’s, Dollar Tree, DaVita, Petco, and Planet Fitness. Built in 2000 and 2001, the multi-tenant property is strategically situated on 21.4 acres at 420 US Highway 67 & 445 E FM 1382 and has 1,034 parking spaces. The site is shadow anchored by a Home Depot, Albertson’s, and a U.S. Postal Office. The center consists of four single story buildings on two lots and has out-parcel tenants including Starbucks, Panda Express, The UPS Store, Slim for Life, Zena Dental and Smile Doctors, to name a few.

The high-visibility site in central Cedar Hill boasts a half mile of frontage and seven access points along a high-volume transportation corridor with a combined average traffic count of nearly 220,000 vehicles per day. The surrounding South Dallas-Fort Worth submarket has an affluent consumer base and sits within a dominant retail trade area encompassing more than 3.4 million square feet of retail space located within a mile of the center. Cedar Hill Crossing has a stable, long-term occupancy, which has been historically strong with an average tenant tenure of 15.3 years.

The Southwest Dallas submarket consists of 15.6 million square feet of retail space including three separate micro-markets – Cedar Hill/Duncanville/Desoto,

Lancaster, and Southwest Dallas County. Cedar Hill Crossing is located within the Cedar Hill/Duncanville/Desoto micro-market, which typically boasts better fundamentals than its sister markets.

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 aggressive marketing campaign delivered 14 offers and allowed us to meet the high pricing expectations of the seller.

Sam House with Secure Net Lease completed the sale of Morrison Crossing in Brownsville, TX. He represented the seller in the transaction, a Texas-based Principal. The buyer was a well-known Texas investor that sought to strategically increase their market share in the South Texas Market. Secure Net Lease’s Sam House recently joined the nationally-recognized brokerage firm, which according to Costar, has sold the most retail property in Texas since 2019.

“This asset appealed to investors seeking a long-term, capital preservation and appreciation play,” said House. “The property is anchored by a host of desirable national retailers that draws customers from local and neighboring submarkets”.  House procured 9 offers for Morrison Crossing by entering the market with a targeted approach, which ultimately landed a renowned retailer as the buyer. This group paid a strong price and closed quickly to secure the strategic acquisition.

Morrison Crossing is comprised of three separate buildings that are configured with twenty-two tenant spaces. The property is strategically positioned along Interstate 69E (US77/83) which acts as the main transportation artery for the dynamic and high-growth market of Brownsville. The superior location allows for the nearby diverse and ever-growing consumer base convenient access to the center. It is 95.1% occupied and anchored by nationally coveted destination tenants such as Conn’s, Cavender’s Boot City, and Dollar Tree with powerful shadow anchors including Home Depot, Kohl’s, and Academy Sports which drive additional drawing power to the center.

“The achievement of the compressed sale cap rate can be credited to our aggressive marketing outreach campaign, strong local relationships, and targeted approach to the market,” said House. “We used a creative, outside the box approach to land on a national retailer/investor who came in as a highly compelling purchaser with a quick close.”

Brownsville is a diverse, rapidly growing city located in the dynamic Rio Grande Valley, which boasts a highly desirable cost of living and a strong retail environment. The Brownsville retail market contains 21.3M SF of inventory with an average vacancy rate of 5.4%. The city of Brownsville has emerged as a top target for investors and tenants looking to take advantage of the favorable demographics and expansive consumer draw in the Rio Grande Valley.

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 retail 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 compressed sale cap rate can be credited to our aggressive marketing outreach campaign, strong local relationships, and targeted approach to the market

Secure Net Lease, a nationally-recognized brokerage that specializes in the acquisition and disposition of investment real estate throughout the United States, played a key role in finalizing one of Texas’ largest convenience-store sale leaseback transactions on record. The Dallas-based firm completed a $237-million sale leaseback involving 76 Allsup’s convenience-store locations in multiple states. The Allsup’s Portfolio sale leaseback was an integral component of a larger nearly $1-billion business acquisition.

Secure Net Lease’s Bob Moorhead and Joe Caputo were responsible for brokering the sale leaseback deal on behalf of the seller, Brookwood Financial Partners, a Beverly, MA-based private equity firm that owns the Yesway brand. The portfolio sale was split buyer between two large REIT’s that are heavily invested in convenience and gas station properties.

Secure Net Lease, a nationally-recognized brokerage that specializes in the acquisition and disposition of investment real estate throughout the United States, played a key role in finalizing one of Texas’ largest convenience-store sale leaseback transactions on record. The Dallas-based firm completed a $237-million sale leaseback involving 76 Allsup’s convenience-store locations in multiple states. The Allsup’s Portfolio sale leaseback was an integral component of a larger nearly $1-billion business acquisition.

Secure Net Lease’s Bob Moorhead and Joe Caputo were responsible for brokering the sale leaseback deal on behalf of the seller, Brookwood Financial Partners, a Beverly, MA-based private equity firm that owns the Yesway brand. The portfolio sale was split buyer between two large REIT’s that are heavily invested in convenience and gas station properties.

Secure Net Lease’s Caputo said, “The timely execution of the sale leaseback was a critical element that would ensure the overall business transaction between Allsup’s and Yesway closed smoothly. Had either buyer not closed on time, it could have jeopardized the larger sale transaction involving a 304-store, regional convenience-store chain. The equity from the real estate served as a vital capital source for the acquisition of the retail business.”

Moorhead said, “The seller had already received some buyer interest for the real estate prior to our involvement. Our targeted marketing campaign ultimately generated five offers and drove the cap rate down 50 basis points from the seller’s initial offer.”

The sale leaseback portfolio encompassed convenience-stores across Texas and New Mexico featuring 20-year absolute NNN terms and 2% annual increases. The portfolio was comprised mainly of older stores in rural locations.

Allsup’s is one of the most iconic and respected convenience-store chains in the region known for foodservice including its popular burritos. Yesway is a national convenience-store chain with locations across the Midwest. Brookwood Financial Partners’ BW Gas & Convenience Holdings LLC, doing business as Yesway, is based in West Des Moines, Iowa. The acquisition of Allsup’s is the largest in Yesway’s history.

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.

Our targeted marketing campaign ultimately generated five offers and drove the cap rate down 50 basis points from the seller’s initial offer.