CBRE’s Bill O’Connor and David Hesano, of the company’s Investment Properties Team, recently closed a portfolio sale of four NNN Dollar General properties in Michigan.
These NNN properties had about 5.5 years remaining on their leases at the time of closing. The four locations found in Vestaburg, Stanton, Kingsley and Allegan, Mich., closed at a 7.85 percent CAP, just above the projected sale CAP rate.
This transaction took place off market as part of a 1031 exchange. This portfolio sold for 95.5 percent of the target selling price.
