Monument, Colorado – We have commercial real estate news from Monument, Colorado and Anoka, Minnesota. Two triple net lease properties sold with Walgreen’s as the tenant. Walgreen’s is one of the most desired tenants for Net Lease Properties. Also Triple Net Lease Properties with Walgreen’s make for a wise choice in a 1031 Exchange. Anoka is approximately 30 Miles north of St Paul Downtown Holman Field (STP) located at 644 Bayfield Street, in St Paul, Minnesota.
A NNN Commercial Real Estate Broker helped procure the sale of this NNN Investment Property Portfolio for $12.1 Million. This NNN Investment Property Portfolio had one net leased property in Anoka, Minnesota. The triple net lease property is a fairly new developed Walgreens Drugstore. The triple net lease property is located in the northern Minneapolis suburb of Anoka.
The building is 14,957 square feet on approximately 1.6 acres. The triple net lease property has a drive through lane for convenient pick up. The high traffic corner, intersection boasts thousands of vehicles passing through daily. Walgreen’s is the premier drug retailer operating 6,000 locations throughout the U.S. The triple net lease property shares the intersection with Country Market, CVS Pharmacy, US Bank, Ace Hardware, CSK Auto, and Dairy Queen. McDonald’s is also nearby and a suitable triple net lease properties choice for a 1031 Exchange.
The triple net lease properties buyer was a private investor in a 1031 Exchange. This 1031 Exchange Investor is based out of Southern California. The triple net lease properties seller was a preferred Walgreen’s developer based out of Minnesota. The triple net lease property in Monument was built in 2010 on 2.69 acres of land with a total building size of 14,490 square feet. Both of these NNN Lease Investments are leased to Walgreen’s on a triple net basis for 25 years plus option periods.
Many 1031 Exchange Investors want name brand tenants backing their leases such as Walgreen’s, CVS, Lowe’s, McDonald’s or Kohl’s. The scarcity of good triple net lease properties is due to the lack of new development. With the credit crunch and more stringent governmental regulations today, less net lease properties are being constructed. This situation has pushed many cap rates lower in most commercial real estate markets for the time being. Although we have seen Commercial Mortgage Lenders at Loanrise.com prepared to fund capital for CTL Financing.
The triple net lease properties buyer chose to purchase the 1031 Exchange property subject to a new commercial loan. CTL Financing can be readily available for triple net lease properties buyers with strong financial records and the corporately guaranteed leases backed by Tenants such as Walgreen’s. The triple net lease properties buyer, being in 1031 Exchange was most likely attracted to the long term net leases, the great corner locations and the strong Walgreen’s (CTL) credit tenant lease.
We recommenced trying for a 1031 Exchange when an investor is preparing to sell a net leased property. Be prepared for 1031 exchange is identification rule. The identification process of all 1031 Exchange replacement properties must be made in writing, must be signed by the seller, and must be delivered to appropriate offices on or before the 45th day. The commercial property investor may not identify replacement property after the 45th day. You may identify as many as three properties, regardless of their total value. Or you may identify any number of commercial properties provided that their aggregate fair market value on the 45th day does not exceed 200% of the aggregate fair market value of all your relinquished property on the date of its transfer. This is known as the “200% rule” for the 1031 Exchange process.
Feel free to Contact us to sell or purchase various Net Lease Properties.