Tel Aviv, Israel – This evening we have Global Net Lease Properties news coming from Tel Aviv, Israel. A Joint Venture (JV) had a major announcement for the acquisition of seven U.S. retail shopping centers. The Net Lease Properties purchase price was $75 million for the retail shopping centers. Elbit Imaging Ltd. (TASE, NASDAQ: EMITF) has reported that it has an indirect subsidiary that signed a Commercial Real Estate Purchase and Sales Agreement. EPN Investment Management, LLC (“EPN”), has agreed to purchase net lease properties from various affiliates of Charter Hall Retail real estate investment trust (REIT). EPN Investment entered into this agreement with Charter Hall as part of a joint venture (JV). This joint venture is with Elbit and Plaza Centers N.V. subsidiary, Eastgate Property L.L.C. and EPN Real Estate Fund L.P. for the net lease properties purchase. NNN Commercial Real Estate analysts have seen that from the second quarter of 2009 to the second quarter of 2010, Foreign investments have skyrocketed over 200%.
These net lease properties consists of seven retail shopping centers, that are situated in Georgia, Oregon and Florida. These Net Lease Properties have a Net Operating Income (NOI) of about $7.0 million. These net lease properties will give an attractive annual yield of approximately 9.2%. These net-leased retail shopping centers have a total Gross Leaseable Area (GLA) of around 657,112 square-feet (approximately 60,000 square meters). Currently, the net leased retail shopping centers have an occupancy rate of approximately 91.0%. Although the acquisition price of the Net Leased Properties is $75 million, approximately $22.7 million shall be paid by way of assumption of a commercial mortgage. This Commercial Loan assumption is an important contingency for this commercial real estate deal to close.
EPN Investment Management, LLC (“EPN”) did not mention which exact retail shopping centers were purchased as of yet. However, the net leased properties seller is well represented in Atlanta Retail Shopping Center ownership. The Sydney, Australia-based Charter Hall Retail real estate investment trust has seven Georgia retail shopping centers, that are all situated in the Atlanta metropolitan statistical area (MSA) Atlanta. This Atlanta area is prime for our NNN Commercial Real Estate Investors seeking opportunity for acquisitions.
Charter Hall Retail REIT has Atlanta holdings that include the Lindbergh Crossing retail shopping center, Northlake Promenade shopping center, Roswell Crossing retail shopping center, and the net-leased Woodstock Crossing. These Atlanta retail shopping centers have excellent National Retail tenants which include Trader Joe’s and Marshalls. We are not aware if these net lease properties are to be part of a 1031 Exchange.
The Roswell Crossing Retail Shopping Center is located at 625 W Crossville Road, in Roswell, Georgia with 30075 as the zip code. This Retail Shopping Center has a mix of national net lease property tenants such as PetSmart, OfficeMax and Walgreen’s Pharmacy. This Retail Shopping Center also has one our favorite grocery specialty stores, Trader Joe’s. This net leased property also has Office space that was architecturally designed for the 2nd story of the retail buildings. This type of mixed use property set-up offers a quaint working atmosphere and appeases Tenants. This idea of combining office space and retail shopping together at Roswell Crossing adds to the convenience for a pedestrian friendly atmosphere.
This suburban Atlanta Retail Shopping Center has an affluent customer base with an average household income that exceeds $125,211, within a 3-mile radius. This net leased Retail Shopping Center is situated at an intersection with very heavy traffic to benefit the retail Tenant’s businesses. This Atlanta suburb intersection is at Highway 92 and King Road. The Roswell Crossing Retail Shopping Center benefits from approximately 52,000 vehicles per day (VPD).
The Roswell Crossing Retail Shopping Center is near other net-leased property Tenants that includes Outback Steakhouse, Arby’s, Taco Mac restaurant, and many more. Retailers such as Kohl’s, Linens N Things, ABC, and other major retailers are in close proximity, including a Publix Grocery Store and Home Depot.
If you are prepared to sell your Net Lease Properties, we have a large database of NNN Commercial Real Estate Buyers. Contact Net Lease Properties to sell your net lease properties, purchase NNN Property or 1031 exchange opportunities.
Re-development financing for NNN Lease Property may get Commercial Loans at Loanrise.com.
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