HOUSTON, October 14, 2014 – Houston based HighStreet Net Lease Group successfully completed the sale of two Texas investment properties, both net leased retail assets. The first transaction was a single tenant Jiffy Lube property in San Antonio, Texas. The second was a multi-tenant retail center in the North Houston suburb of Spring, Texas. HighStreet Net Lease Group represented the Buyer of the San Antonio Jiffy Lube and both the Buyer and Seller of the Spring multi-tenant asset.
“Both deals were ‘win-win’ situations for all parties involved,” said Matt Moake of HighStreet. “We were able to use a relationship with the Jiffy Lube Seller to submit an attractive offer that was accepted prior to the property even hitting the market. This helped achieve a favorable purchase cap rate for our Buyer client with additional upside due to an immediate rental bump in 2015.
“The Spring center was also an off-market sale and presented a great opportunity for our Buyer client to acquire a 100% pre-leased newly constructed asset in one of the hottest submarkets in Houston, while allowing our Seller client to exit the property at their desired price so that they can focus on future retail developments.”
A private Houston investor that HighStreet has represented on three separate single tenant net leased acquisitions over the past several months purchased the Jiffy Lube property. The Spring multi-tenant center was purchased by a Taiwanese-based family trust that is actively acquiring well-located retail assets throughout Texas. The Seller of the Spring asset is an experienced owner/developer with multiple retail properties throughout Spring and The Woodlands. The Buyer and Seller are both repeat HighStreet Net Lease Group clients.
About HighStreet Net Lease Group
HighStreet Net Lease Group specializes in the acquisition and disposition of net leased retail assets throughout the United States. The driving force of HighStreet as a net lease brokerage firm is to assist clients in achieving their investment goals. Whether through the disposition of an asset at the highest possible price using their proven platform, or an acquisition of a core property at an attractive return, the company is constantly seeking unique and attractive opportunities for their Seller and Buyer clients.
Learn more about HighStreet Net Lease Group.
For more information:
C. Pharr & Company for HighStreet Net Lease Group
(office) (972) 931-7576 ext. 354
(cell) (972) 896-0947