Lowe’s Portfolio Sells for Over $81M
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CBRE team’s marketing system distributed more than 314 offering memoranda to investors and brokers.
ATLANTA—A four-asset portfolio of freestanding, single-tenant Lowe’s Home Improvement stores in Georgia has traded hands. The sale price: $81.6 million.
CBRE’s retail investment experts Chris Bosworth, John Read, Will Pike, Philip Voorhees, Jimmy Slusher, and Brian Pfohl represented the seller, IRA Capital. American Realty Capital Properties, a Phoenix-based commercial real estate investment trust (REIT), acquired the asset.
“With inventory and deal volume levels up thus far in 2015, we expect 1031 exchange activity to remain strong for the remainder of the year,” Read tells GlobeSt.com. “A significant portion of the 1031 exchange buyer pool looks for more passive, low-management investments. Demand will remain strong for larger, credit STNL investments similar to these Lowe’s assets.”…
