AUSTIN, May 8, 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 a private group in the disposition of a single tenant net leased (STNL) medical asset located at 8316 Tuscany Way in Austin, Texas. The property was a build-to-suit for Affordable Dentures, a tenant specializing in personal dental services.
“This particular disposition worked out incredibly well for our client,” said Matt Moake, CCIM, an acquisition/disposition executive at HighStreet Net Lease Group. “An ideal buyer was located that was willing to pay nearly list price for the asset, which provides our client with ample funds to exchange into another single tenant net leased property with a longer lease term, higher credit tenant, and a more desirable absolute triple net lease (NNN) structure with zero landlord responsibilities. We were very happy with the price achieved and look forward to successfully representing this client in their future acquisition.”
Purchased as an investment vehicle, the 3,000-square-foot property is located on a 1.13 acre parcel in a strong Austin market. Affordable Dentures is currently on a double net (NN) lease which places responsibilities on the landlord for maintenance and replacement of the roof and structure. Despite this obstacle, HighStreet Net Lease Group was able to achieve an aggressive cap rate on the sale. Affordable Dentures is a growing company that recently extended its lease and is reporting excellent sales. The company operates more than 200 locations throughout 40 states.
HighStreet Net Lease Group provides a highly unique and customized approach for each project, ensuring the best, long-term value and success for clients. This sale was challenging because of the lesser known tenant, but HighStreet Net Lease Group was able to generate a large amount of interest by highlighting the location, tenant’s history of success, and recent lease extension to ensure its client received the highest possible sale price.
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