NORFOLK, VA (January 2021): SLN Capital Markets, a division of S.L. Nusbaum Realty Co., completed the sale of four separate outparcels to four different buyers at the Greenbrier Square Shopping Center in Chesapeake, VA. All of the transactions occurred within a few months after they hit the market, showing the continuing high demand for single tenant net leased assets.
“All of these deals had a few things in common. They were leased to national tenants with strong guarantors, long lease terms in place and they were located in a top shopping center off the interstate,” said Doug Aronson, Senior Managing Director of SLN Capital Markets who represented the sellers. “Buyers are flocking to safety and are willing to pay for peace of mind.”
Aronson generated multiple offers on each of the assets: an Arby’s, Popeyes, Starbucks and Kroger Fuel Center. All of them sit at or near the entrance to a shopping center anchored by Kroger, Dick’s Sporting Goods, Field & Stream, WoodSpring Hotel and other national and regional tenants. Sales prices ranged from $1,500,000-$2,025,000, with cap rates ranging between 4.94%-5.30%.
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With over 115 years of expertise in the real estate industry, S.L. Nusbaum Realty Co. manages, develops and provides sales and leasing services for shopping centers, apartment communities, office, industrial and investment properties throughout the Mid-Atlantic and Southeast.