Arlington Nebraska Book Company Center and Texas City Jiffy Lube assets purchased
DALLAS/HOUSTON, May 27, 2015 – HighStreet Net Lease Group, a Texas-based company specializing in the disposition and acquisition of net leased investment properties throughout the United States, recently represented two private groups in the acquisition of net leased properties in Arlington and Texas City, Texas. Matt Moake, CCIM, an acquisition/disposition executive at HighStreet Net Lease Group, represented the buyer in both transactions.
“Closing multiple transactions in a single day is always a great feeling, especially with repeat clients that we have worked with many times before. Both assets were acquired at attractive price points and offer immediate strong returns for our buyers,” said Matt Moake. “The Arlington retail center was bought by an Asian investment group and was an ideal fit as we feel the surrounding area is primed for explosive growth. The Jiffy Lube was also a great investment given the recent large increases in annual store sales with a quality operator with whom our Texas-based client was already familiar with from previous acquisitions. We were very pleased with the results of these deals in two ultra-competitive Texas markets.”
Jason Vitorino of Marcus & Millichap represented the seller of the Arlington Nebraska Book Company center, a two-tenant retail property at 2135 Southeast Parkway in Arlington, Texas. The 6,000-square-foot center sits on a 1.22 acre parcel and is 100 percent occupied with stabilized tenancy. The property is located directly across from Tarrant County Community College, which has an enrollment of more than 10,000 students. The newer retail asset is in great condition housing a bookstore and café, which is an ideal tenant mix for a property adjacent to a college campus.
Kevin Goldthwaite with Colliers International represented the seller of the Texas City Jiffy Lube, a 2,000-sqaure-foot STNL asset sitting on a 0.60 acre parcel at 3314 Palmer Highway in Texas City, Texas. The net leased investment property has more than 10 years remaining on the absolute triple net (NNN) lease. The asset sits along a high traffic retail corridor surrounded by numerous other national credit tenants in a growing submarket of Houston, and is leased to a proven operator with solid sales revenue.
HighStreet Net Lease Group represents numerous clients that are constantly seeking purchase opportunities, especially in strong Texas markets. In this case, both properties are located in booming areas of major Texas Metropolitan Statistical Areas (MSA). HighStreet Net Lease Group has closed nine separate single and multi-tenant retail transactions with these two established buyer clients over the last 18 months, which is a testament to their high activity level within the net leased market.
About HighStreet Net Lease Group
HighStreet Net Lease Group specializes in the acquisition and disposition of net leased retail properties 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. To learn more about HighStreet Net Lease Group, please visit www.highstreetnetlease.com.
For more information:
C. Pharr & Company for HighStreet Net Lease Group
(office) (972) 931-7576 ext. 354
(cell) (972) 896-0947