1031 Exchange from Los Angeles Apartments | Industrial to Investment-Grade Credit Net Lease

Client Profile:

Investor sold apartment units and industrial building in Los Angeles and acquired Absolute NNN, single-tenant property portfolio.

Strategy:

Source and acquire a geographically diverse portfolio of absolute triple net leased single-tenant properties secured by investment-grade, credit tenancy.

Outcome:

  • Sourced a single-tenant Autozone in affluent Newbury Park, CA on an off-market basis and successfully restructured a long-term lease extension with the tenant prior to closing.
  • Sourced a single-tenant Del Taco in Allen Park, Michigan, and closed on the transaction prior to the tenant opening for business.
  • Procured long-term fixed-rate, non-recourse debt from life insurance companies for both transactions.

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Sale-Leaseback of 7-Property Portfolio

Outcome:

  • Client received multiple offers and selected the group offering the best terms. This sale allowed the tenant to free up capital they then used to build more stores.

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PORTFOLIO DIVERSIFICATION & EXCHANGE FOR WENDY’S OPERATOR

Outcome:

  • Disposed of a total of 17 Wendy’s properties.
  • Seven (7) properties transacted above $2.5M ($3.42M was highest on record for client).
  • The average cap rate across all transactions was 5.15%.
  • Seller used proceeds to exchange into primarily single-tenant net lease properties.

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